Answer: Higher price and produce less output.
Explanation:
A monopolist is the only producer of a good in the market or at least wields significant market power. As a result, they can set their own prices without regard for how competitors would react.
This would lead to a situation where the monopoly does not have to be efficient and so will produce less goods than a perfect competition would and in order to make more profit - and because of less efficiency meaning higher costs - they will charge a higher price for output.
Your answer would be Adam smith.
A price ceiling imposed on monopoly will lead to all, i.e., lead to a shortage, no shortage and drive the monopolist out of business.
A price ceiling is the maximum amount that a seller is permitted to charge for a product or service. Price ceilings, which are typically set by law, are typically applied to staples such as food and energy products when such goods become unaffordable to regular consumers.
A price ceiling is, in essence, a form of price control. Price ceilings can be beneficial in making essentials affordable, at least temporarily. However, economists question whether such ceilings are beneficial in the long run. Price ceilings are typically imposed on consumer staples such as food, gas, or medicine, often following a crisis or specific event that causes costs to skyrocket.
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Answer:
The type of consumer behavior this scenario describes is psychological consumer behavior.
