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Hey everyone, today we're going through problem number 24 from chapter 9 of the principles for microeconomics a key textbook, which asks us to basically compare the price and quantity produced of a monopolist and a perfectly competitive firm.
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Excuse me.
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So for price, monopolists tend to charge prices that are way too high.
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So i will write too high.
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Obviously compared to the normal.
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Firm because they are the dominator of that.
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So it tends to be overpriced.
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And then for a perfectly competitive firm, prices tend to be set with the market.
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So all right with market price.
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So that's basically how we differentiate, i mean how the price charged by monopolist differs from the price charged in a perfectly competitive firm.
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Now for quantity produce, a monopoly.
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A monopolist list tends to produce too low of quantity, too little...
