Unlike the perfect competitor, we see that a monopolist gets to choose a price and quantity. We also see that the monopo

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Unlike the perfect competitor, we see that a monopolist gets tochoose a price and quantity. We also see that the monopolist has atradeoff between price and quantity, that is, the higher a pricethey charge, the less quantity they will produce, and viceversa.
Describe a practical example that shows why monopolists facethis tradeoff If you deal with a monopoly in your life, what mayyou take if they raise prices too much? What impact does that haveon the monopoly?