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Will a monopolist charge a lower price where demand is price elastic and a higher price where demand is price inelastic?
Yes. A monopolist would tend to charge a price closer to fair market value when the demand for a good is elastic. If not demand would be affected. With a monopoly controlled inelastic good the consumer has no recourse and there for would be and the mercy of the supplier.
What is the relationship between producer surplus and a monopoly graph?
In a monopoly graph, producer surplus is the difference between the price the producer receives for a good or service and the cost of producing it. In a monopoly, the producer has more control over pricing and can charge higher prices, leading to a larger producer surplus compared to a competitive market.
Why is monopoly good?
Good because it allows you to charge outrageously high prices from buyers who have no choice but to buy from you. You can also save money by providing very poor service to your customers. You may be able to buy things cheaper because your vendors have no one to sell to but you. You may be able to pay specialized workers less because they have nowhere else to work with their particular skills. Thus monopoly helps you become rich at the expense of others. Some people would call that good. Others might not.
What is an agreement among firms to charge one price for the same good called?
Price fixing
What is an agreement among firms to charge one price for the same good called what?
Price fixing
Will a monopolist charge a lower price where demand is price elastic and a higher price where demand is price inelastic?
Yes. A monopolist would tend to charge a price closer to fair market value when the demand for a good is elastic. If not demand would be affected. With a monopoly controlled inelastic good the consumer has no recourse and there for would be and the mercy of the supplier.
Is it a good policy for governments to completely eliminate monopoly power?
no monopoly is better in some organizations because i it gives economy of scale and its gives better services because of its large scale business but monopolistic competition is better than monopoly because in monopolistic competition , organization has discretionary power on either quantity or price but in monopoly organization have more control on price or supply than monopolistic competition and can charge price of its own will.
What is the relationship between producer surplus and a monopoly graph?
In a monopoly graph, producer surplus is the difference between the price the producer receives for a good or service and the cost of producing it. In a monopoly, the producer has more control over pricing and can charge higher prices, leading to a larger producer surplus compared to a competitive market.
Why is monopoly good?
Good because it allows you to charge outrageously high prices from buyers who have no choice but to buy from you. You can also save money by providing very poor service to your customers. You may be able to buy things cheaper because your vendors have no one to sell to but you. You may be able to pay specialized workers less because they have nowhere else to work with their particular skills. Thus monopoly helps you become rich at the expense of others. Some people would call that good. Others might not.
What is an agreement among firms to charge one price for the same good called?
Price fixing
What is an agreement among firms to charge one price for the same good called what?
Price fixing
How nuch do you get to be a dj?
it depends how much you charge what is a good price and weather you did a good job
A group of companies agrees to charge the same inflated price for a good?
price fixing
How is price floor different from price ceiling?
A price floor is the minimum price set by the government where as a price ceiling is the maximum price sellers can charge for a good or service.
Why does the government discourage monopolies?
because it is unfair for the owners, now no one could lower their prices so much low that everyone would go there and they cant make everyone to loss and raise prices and become rediculisly rich as Rockefeller (383 billion ) 383 000 000 000 000
How does the monopoly graph illustrate the concept of consumer surplus?
The monopoly graph shows the area between the demand curve and the price line, which represents consumer surplus. Consumer surplus is the difference between what consumers are willing to pay for a good or service and what they actually pay. In a monopoly, the higher price set by the monopolist reduces consumer surplus compared to a competitive market where prices are lower.
What is an natural monopoly?
A natural monopoly exists when a single firm can supply a good or service to an entire market at a lower price than could two or more firms. Generally it arises when there are economies of scale over the relevant range of output.
