If the product demand curve and the industry's cost curves were the same whether the industry operated under conditions of perfect competition or monopoly, what could be said about the price and output under monopoly vis-a-vis the competitive price and output?
a) price would be the same; output would be lower under monopoly.
b) Output would be the same; price would be higher under monopoly.
c) Price would be the same; output would be lower under perfect competition.
d) Price would be higher and output would be lower under monopoly.
e) Both price and output would be lower under perfect competition