A single-price monopolist charges a higher price and produces ...

[student77]

A single-price monopolist charges a higher price and produces more output than a perfectly competitive industry. Is the previous statement correct or incorrect? Explain your answer.
 
  What will be an ideal response?

Question 2

What types of things are sold in input or factor markets? Who are the buyers and sellers in these markets?
 
  What will be an ideal response?

[6ana001]

Answer to Question 1

The statement is partially correct because a monopolist charges a higher price than a perfectly competitive industry. However the statement also is partially incorrect because the monopolist produces less output than a perfectly competitive industry.

Answer to Question 2

Resources used to produce goods and services are sold in input markets. These include labor, capital, and land. In input markets, households are the sellers (suppliers) and firms are the buyers (demanders).

[student77]

Thanks for the timely response, appreciate it

[ktidd]

Excellent