faces a demand curve that is inelastic throughout the range of market demand.
faces a perfectly inelastic demand curve.
is a price maker.
is also able to dictate the quantity purchased
That's called a 'monopoly' - Since they are the only supplier of the product - they can fix the price.
It is a Monopoly.
Seb is a LAD
A monopoly!
monopoly
A monopoly is when only one firm produces a given product. In the absence of any competition, they can set whatever price they desire for it, since the customer can not get the product anywhere else. However, they can not control the market. If nobody wants to buy the product, then it does not matter how much or how little it costs, nobody will buy it anyway. Likewise, while a monopoly will never lose sales to lower-priced competition, they can price consumers out of the market by making the price so high that the customer can't afford it or won't pay for it.
A monopoly occurs when one company has total control in the production and distribution of a product or service.
total control.If someone creates a monopoly of market for a particular product, they have nearly all control over the sales and distribution of that product. This is bad for consumers, as it generally means high prices without the ability to shop around for a cheaper product or service.
A monopoly.
When one company has the control over the entire market for a product, usually because of barriers to entry. With the ability of price control and supply setting, this monopoly is extremely rare in any sort of market unless it is a government granted monopoly because of some inherent factors that make it crucial for a monopoly to exist. Otherwise, it may exist under certain circumstances, such as; a patent created monopoly which gives the company unilateral control over the extire market for a product, a cartel or illegal trust monopoly, or a natural monopoly where the supply for a product comes from one source because of natural barriers to entry that makes it nearly impossible for others to enter the market and survive.
A monopoly is when one person or company has total control over the market for a certain product or service. Like in the Hasbro game of Monopoly: when you own all the properties of the same color, you have a monopoly. If you patent a product, it means that your product is documented so no one can take your ideas and/or designs and claim them as their own. So you are the only one that can claim that product and you have complete control over that product's market. Therefore, you have a monopoly on your product.
A monopoly.