Adam Smith believed that monopoly is the most efficient market structure.

Name: Adam Smith believed that monopoly is the most efficient market structure.
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Adam Smith believed in the benefits of free markets and competition. In a monopoly, there is no competition, and the monopolist has the power to set prices higher than what would occur in a competitive market. Thus, Smith would not have considered monopoly to be the most efficient market structure.

Adam Smith Believed That Monopoly Is the Most Efficient Market