When consumers have to buy a good from a monopolist rather than a firm in a...
When consumers have to buy a good from a monopolist rather than a firm in a perfectly competitive market, they will have
Select one:
a. larger quantities
b. higher quality
c. higher prices
d. more choices
Homework Answers
Answer -
Option (c) - Higher prices is correct.
Explanation -
As a monopolist is a single seller in the market . He tries to
control price and quantity of the goods .The monopolist is regarded
as price maker in the market. He can charge highest possible prices
for his goods to earn maximum profit. As there is less availability
of perfect substitute goods ,if consumer wants goods ,they will
have to pay higher prices for goods.
In case of perfect competetion number of sellers selling identical
products with uniform prices. The prices are determined by demand
and Supply forces in the market.A seller is only a price taker and
not a price maker. So he will accept only price of the product
determined by demand and supply forces of goods in the market.
Add Answer to:
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A market with a monopoly firm will have higher prices and less output than if the market were perfectly competitive. True False In monopolistically competitive markets, the firms sell identical products. True False For a monopolist, the marginal revenue (MR) curve is the same line as the demand (D) curve. True False If marginal revenue for the 5th unit of a good is negative, then total revenue must be falling. True False Collusion is most often found among firms in...
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rank the scenarios in terms of how much profit a monopolist will
earn from each. Assume that the scenarios are similar in all ways
except for the manner in which the firm prices its good.
which of the following are characteristics of a monopoly
market structure ?
Rank the scenarios in terms of how much profit a monopolist will earn from each. Assume that the scenarios ways except for the manner in which the firm prices its good. are similar...
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