How does the monopoly price compare to the competition price? Assume all other things are equal, of course, or a comparison is meaningless :) Also assume no price discrimination - just one price the monopoly can use. Assume normal shaped demand curves (not completely inelastic or elastic)

Question 3 options:

Monopoly price is the same as competition

Monopoly price is usually higher but can also be lower

Monopoly price is higher than competition

Monopoly price is lower than competition