Final answer:
In a monopoly, the typical result is higher prices and lower output compared to competitive markets, therefore the answer is B) Higher, lower.
Step-by-step explanation:
The typical result of a monopoly is higher prices and lower output than we would find in a competitive market. Therefore, the correct answer is B) Higher, lower. In a monopoly, where a single firm has a significant amount of market power and faces no competition, it can control the price and output level. The monopolist will produce at a point where its marginal revenue equals marginal costs but can set a price above marginal costs, leading to higher prices for consumers. In contrast, firms in a competitive market are price takers and the market dictates the price, which is typically lower and closer to the cost of production, resulting in more output being produced and sold at lower prices.