Which of the following statements is correct when comparing a monopoly market and an oligopoly market?

Multiple Choice

• The price and quantity would be the same in both markets.
• Both price and quantity would be lower in the monopoly market than in the oligopoly market.
• The price would be lower and the quantity would be higher in the monopoly market than in the oligopoly market.
• The price would be higher and the quantity would be lower in the monopoly market than in the oligopoly market.