"other things being equal, which market structure would produce the least output and the highest average product price

The answer is monopoly.

Explanation:

Monopoly is a market type where there is only one producer that is capable of manufacturing a certain product. In this type of market, the producer is capable of producing the smallest amount of products and setting the price that the consumers should pay to purchase the product. The former is possible mainly because the company is capable of knowing how many products do they need to manufacture to achieve the target profit – their sales projection tends to be more accurate than other companies that operate in a different market type.

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