Refer to the provided graph for an industry. If the industry was initially a monopoly, but the monopolist was broken up into a large number of small, purely competitive firms and production cost-curves remained unchanged, then market price and industry output would be
A)P₃ and Q₁.
B)P₁ and Q₃.
C)P₂ and Q₂.
D)P₁ and Q₁.

Question

Refer to the provided graph for an industry. If the industry was initially a monopoly, but the monopolist was broken up into a large number of small, purely competitive firms and production cost-curves remained unchanged, then market price and industry output would be
A)P₃ and Q₁. 
B)P₁ and Q₃. 
C)P₂ and Q₂. 
D)P₁ and Q₁.

Quizplus · Accepted Answer

The Answer of  Refer to the provided graph for an industry. If the industry was initially a monopoly, but the monopolist was broken up into a large number of small, purely competitive firms and production cost-curves remained unchanged, then market price and industry output would be
A)P₃ and Q₁. 
B)P₁ and Q₃. 
C)P₂ and Q₂. 
D)P₁ and Q₁.

Refer to the Provided Graph for an Industry