Question

Other things being equal, the monopolist will hire the same number of workers as a perfectly competitive industry would. hire fewer workers than if the industry were perfectly competitive. have lower profits than if the industry were perfectly competitive. hire more workers than if the industry were perfectly competitive.

Answer 1

Answer:

The answer is a monopolist will hire fewer workers than if the industry were perfectly competitive.

Explanation:

A monopoly is a concept where a supplier has exclusive possession of a market of a product or a service for which there is no substitute.

It is worthy to note that a monopolist prefers pricing that maximizes profits without necessarily increasing the salary of his staff.

The goal of a monopolist is to maximize profits.

The cost of funding human resource is a recurrent expenditure that he manages to ensure cost effectiveness.

Therefore, other thing being equal, the monopolist will hire fewer workers than if the industry were perfectly competitive.