Suppose that a producer in a previously competitive market is granted the sole right to produce in the market. given that demand in the market is unchanged, but now all consumers must purchase from the same producer, which of the following statements are correctly describing the producer before and after becoming a monopoly? instructions: you may select more than one answer.
a. the producer will produce the output where mr = mc both before and after becoming a monopoly.
b. the producer will produce the same level of output before and after becoming a monopoly.
c. price equals marginal revenue (mr) after becoming a monopoly.
d. the producer will produce the efficient level of output only before becoming a monopoly.
e. marginal revenue (mr) is less than price after becoming a monopoly.
f. price equals marginal revenue (mr) before becoming a monopoly. unchecked
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