23. The following are four differences between monopoly and perfect competition. Which
of these is incorrect?
A) A monopolist has market power while a perfect competitor does not.
B) Unlike a perfectly competitive firm, a monopoly can make positive economic
profits in the long run.
C) A monopoly will charge a higher price and produce a smaller quantity than a
competitive market with the same demand and cost structure.
D) Monopoly profits can continue to exist in the long run, because the monopoly
produces more and charges a higher price than a comparable perfectly competitive
industry.