Question

Monopolists set prices Group of answer choices At the output where marginal revenue equals marginal cost. None of the Answers are Correct. Without constraints since there is no competition. On the marginal revenue curve. At the minimum of the long-run average total cost curve.

Answer 1

Monopolists set prices without constraints since there is no competition.

Monopolistic is a type of market in which there is no competitor. It has only a single supplier and the goods are provided by a single company. In this market only a single company control demand and supply of the services. It can also b said that it is a non-competitive market. The absence of competition in the market allows the company to determine the price of the commodity. It takes away the bargaining power from the consumer. The single entity offers a unique product to the market and there is no alternative substitute available to the market. Government can curtail the monopoly of a company by limiting price increases, merger regulation, separating entities, etc.

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