It is true that monopolies make more money because they produce more of a good than would be produced in a pc market.
What Is a Monopolistic Market?
- A monopolistic market is where one firm produces one product.
- A key characteristic of a monopolist firm is that it's a profit maximizer.
- A monopolistic market has no competition, meaning the monopolist controls the price and quantity demanded.
- The level of output that maximizes a monopoly's profit is when the marginal cost equals the marginal revenue.
- In a competitive market, on the other hand, competitors will tend to drive down the marginal cost and erode profitability.
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