Assume a hypothetical case where an industry begins as perfectly competitive and then becomes a monopoly. Which of the following statements comparing the conditions in the industry under both market structures is true?
1) A monopoly will produce more and charge a higher price than would a perfectly competitive industry producing the same good.
2) A monopoly will produce more and advertise more than would a perfectly competitive industry producing the same good.
3) A monopoly will produce less and charge a higher price than would a perfectly competitive industry producing the same good.
4) A monopoly will produce less and charge a lower price than would a perfectly competitive industry producing the same good.