15. The difference between prot seeking under perfect competition and prot seeking under monopoly is that a. under the former output will increase and price will decrease, whereas under the latter only output will increase. I). under the former output will increase and price may increase, whereas under the latter output will increase and price will decrease. c. under the former new firms will enter the industry, whereas under the latter the firm will simply raise its price and earn higher prots. (1. none of the above