How does the monopoly price compare to the competition price? Assume all other things are equal, of course, or a comparison is meaningless. Also assume no price discrimination - just one price the monopoly can use. Assume normally shaped demand curves (not completely inelastic or elastic).
a. Monopoly price is usually higher but can also be lower.
b. Monopoly price is the same as competition.
c. Monopoly price is lower than competition.
d. Monopoly price is higher than competition.
Which one?