Which of the following would be the most likely outcome if all perfectly competitive firms in a product market join together to form a monopoly?
A) Both the rate of output and the quantity of labor input employed will decrease.
B) Both the rate of output and the quantity of labor input employed will increase.
C) The rate of output in the market will increase but the quantity of labor input will decrease.
D) The rate of output in the market will decrease but the quantity of labor input will increase.
Answer: A
Economics
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