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Over the years companies such as US Steel, Standard Oil, AT&T and Microsoft have been declared monopolies by the US Supreme Court. In each case the company was either broken up into smaller units or it had to make significant changes to its business practices. The main reasons for penalizing these companies include O a. monopolies set output at higher levels but charge higher prices than competitive firms O b. monopolies set output at lower levels and charge higher prices than competitive firms O c. monopolies set output at lower levels but charge the same prices as competitive firms because price always equals average cost O d. monopolies set prices at higher levels than competitive firms and are less innovative