Problem
Suppose that a producer in a previously competitive market is granted the sole right to produce in the market. Given that demand in the market is unchanged but now all consumers must purchase from the same producer, why might the new monopolist produce less than the quantity that was produced when the market was competitive?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.