Answer: The answer is higher prices and fewer goods.
Compared to a market with perfect competition, a monopoly often has higher prices and fewer goods.
Explanation:
A monopoly market refers to a market with a single buyer selling a unique product. The seller is the sole seller of goods with no close substitute. In a monopoly market, the seller has or posses government license, ownership of resources, copyright and patent and high starting cost which makes the seller a single seller of the goods. All these, restrict the entry of other sellers in the market. Monopolies have some information that is not known to other sellers.
