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A monopolist has the power to influence the prices of goods and services. Theref...


Question

A monopolist has the power to influence the prices of goods and services. Therefore, he is a

Options

A)
price maker
B)
price taker
C)
price system
D)
price competition

The correct answer is A.

Explanation:

Monopoly is a situation where there is a single producer and seller of a commodity for which there is no close substitute. This gives a monopolist the power to make/decide the price for a particular commodity.

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  • Monopoly is a situation where there is a single producer and seller of a commodity for which there is no close substitute. This gives a monopolist the power to make/decide the price for a particular commodity.

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