What kind of market runs most efficiently wheen one large firm supplies all of the output asap

Social Studies

1 answer:

OverLord2011 [107]2 years ago

7 0

The correct answer would be, Monopoly.

Monopoly runs most efficiently when one large firm supplies all of the output asap.

Explanation:

Monopoly is a type of market in which there is one large producer of the product or service. The price of the product is usually set by the producer due to its advantage of a single producer in the market.

If there would be more producers of that specific product in the market, then due to the competition, the price of the product would change.

For example, in Pakistan, there is only one provider of the Sui Gas in the whole country. We can say that the Sui Gas provider has the monopoly in Pakistan. They can change the prices on regular basis and people have to pay them because of the unavailability of the substitute.

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