0
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
What else can I help you with?
What is it called when a business is in compete control over the supply of a product?
That's called a 'monopoly' - Since they are the only supplier of the product - they can fix the price.
What is control Of the supply of a product or service?
It is a Monopoly.
How does a monopoly fix its price of its product?
Seb is a LAD
What is total control of the supply of a product or service?
A monopoly!
When a business has complete control of the supple of a product it has a?
monopoly
Why is it that the monopolist can control the price but cannot control the market explain?
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.
How monopoly arises?
A monopoly occurs when one company has total control in the production and distribution of a product or service.
What does someone have if they create a monopoly of a market for a particular product have?
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 single organization which has total control of a specific product or service?
A monopoly.
What is a puremonopoly?
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.
Why are patents sometimes referred to as monopolies?
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.
What is it called when one company has complete control of a product or service?
A monopoly.
