Assertion: monopolist's quantity | /r/HasProperty | produced
Facets:
Source sentences:
text: If P > MC, then the marginal benefit to society (as measured by P) is greater than the marginal cost to society of producing additional units, and a greater quantity should be produced.
text: If P > MC, then the marginal benefit to society (as measured by P) is greater than the marginal cost to society of producing additional units, and a greater quantity should be produced.
text: If P > MC, then the marginal benefit to society (as measured by P) is greater than the marginal cost to society of producing additional units, and a greater quantity should be produced.
text: If P > MC, then the marginal benefit to society (as measured by P) is greater than the marginal cost to society of producing additional units, and a greater quantity should be produced.
text: Furthermore, allocative efficiency is reduced, not only because desired products are not produced in the quantity that could be produced considering the costs of production, but also because monopolies often don't produce a product that would be most desirable by society, because they do not have to worry about competition, so there will not be another company producing a better or more desirable product that could possibly take market share away from the monopoly.
text: In monopoly, the production is made at a level which is less than minimum average cost due to which less quantity is produced and higher price is charged.