Question

The lack of competition within a monopoly means that offered goods and services are lackluster. the product’s market is small. consumers must look elsewhere to find options. monopolists set their own price. (Econs)

Answer 1

The correct answer is that, Monopoly sets their own prices.

When there is no competition in a monopoly it shows that , monopoly they do set their own prices. Monopoly is termed as the only enterprise or person who supplies a particular commodity.

They are characterized by way of lacking competition in economic which produces either services or goods.

We say that there is high monopoly profit when there is monopoly price is being high than marginal cost of the seller.

Government can establish monopolies by integration form.