​Monopolies will tend to produce a greater quantity and charge higher prices than perfectly competitive industries.Group of answer choicesTrueFalse

The statement is False.

Explanation:

In a perfectly competitive market, numerous firms compete to sell similar products, leading to lower prices and higher output levels as firms must accept the market price. Consumers benefit from lower prices and a greater quantity of goods available in such markets.

In contrast, a monopoly exists when a single firm dominates the market, allowing it to set prices higher than in a competitive market because there are no direct competitors. Monopolies typically produce a lower quantity of goods and charge higher prices compared to perfectly competitive industries, as they prioritize maximizing their profit rather than consumer welfare.

Thus, the assertion that monopolies produce a greater quantity and charge higher prices than perfectly competitive industries is incorrect.