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Which of the following statements is true?
A monopoly selects a higher price and lesser quantity of output than a price-taking company.
A monopoly selects a lower price and lesser quantity of output than a price-taking company.
A monopoly selects a higher price and more quantity of output than a price-taking company.
A monopoly selects a higher price and lesser quantity of output than a price-making company.
Option (1) is correct.
Explanation: In case of monopoly there is only one seller implying that the price structure does not depend on any other firm in the market.
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