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.
Answer:
Laissez-faire Versus Government Intervention. Historically, the U.S. government policy toward business was summed up by the French term laissez-faire -- "leave it alone." The concept came from the economic theories of Adam Smith, the 18th-century Scot whose writings greatly influenced the growth of American capitalism.
Before the end of WWII in 1945 most of European countries were in constant wars with their neighbors. This was detrimental for the entire region because the fighting hampered efforts to develop a sustained economic growth. Due to these circumstances, the European Union was born to finally put an end to the endless wars among countries.
Around the 1950s, countries which were producing coal and steel in Europe, decided that in order to continue with the success of the two industries, it was necessary to unite European countries. Thanks to their efforts, the European Union was born.
The founder member countries were Italy, Belgium, France, Germany, Luxembourg and the Netherlands. They have been very successful in creating of the largest economic trading blocks around the world. It is their hope that the success continue for many decades to come.
They had been hunting mammoths. They had followed them from Asia to North America.
