One difference between monopoly and competition is that when market demand increases, monopoly output will not change but output in the competitive industry will increase.

Question

Quizplus · Accepted Answer

In a monopoly, the monopolist may increase output in response to an increase in market demand to maximize profits, just as firms in a competitive market might, although the extent and nature of the response can differ due to differences in market power and constraints.

One Difference Between Monopoly and Competition Is That When Market