Relative to a Profit-Maximizing Competitively Organized Industry That Is Producing

Multiple Choice

Relative to a profit-maximizing competitively organized industry that is producing 3,000 units of output at a price of $5 per unit, a monopoly under the same circumstances would produce ________ units of output and charge a price of ________ per unit.

A) 3,000; $5
B) more than 3,000; more than $5
C) less than 3,000; less than $5
D) less than 3,000; more than $5