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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.
Is a monopoly a price setter?
Yes, a monopoly is a price setter. Unlike firms in competitive markets that are price takers and must accept the market price, a monopoly has significant control over the price of its product because it is the sole provider in the market. This allows the monopolist to set prices at a level that maximizes its profits, typically above marginal cost, leading to reduced output and higher prices for consumers compared to competitive markets.
Is monopoly demand always elastic?
No, monopoly demand is not always elastic. In a monopoly, the demand curve is typically downward-sloping, meaning that the monopolist can influence the price of its product. The elasticity of demand depends on factors such as the availability of substitutes and the necessity of the product; if substitutes are few and the product is a necessity, demand may be inelastic. Conversely, if there are many substitutes, demand can be more elastic.
Can monopoly set both the price and quantity?
Yes, a monopoly can set both the price and quantity of its product. Unlike firms in competitive markets, a monopolist faces a downward-sloping demand curve, allowing it to choose the price by adjusting the quantity produced. By selecting a quantity that maximizes its profits, the monopolist can then set the corresponding price based on the demand for that quantity. This ability to influence both price and quantity is a defining characteristic of monopoly power.
What explains the meaning of monopoly?
The exclusive power, or privilege of selling a commodity; the exclusive power, right, or privilege of dealing in some article, or of trading in some market; sole command of the traffic in anything, however obtained; as, the proprietor of a patented article is given a monopoly of its sale for a limited time; chartered trading companies have sometimes had a monopoly of trade with remote regions; a combination of traders may get a monopoly of a particular product., Exclusive possession; as, a monopoly of land., The commodity or other material thing to which the monopoly relates; as, tobacco is a monopoly in France.
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.
How does a monopoly fix its price?
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How does monopoly fix its price?
mw3
How does a monopoly violate the consumer's right to choose?
by monopoly thebmanufacturers can fix any amount as price and poor consumers can't bear it.
Is a monopoly a price setter?
Yes, a monopoly is a price setter. Unlike firms in competitive markets that are price takers and must accept the market price, a monopoly has significant control over the price of its product because it is the sole provider in the market. This allows the monopolist to set prices at a level that maximizes its profits, typically above marginal cost, leading to reduced output and higher prices for consumers compared to competitive markets.
What is the starting price for the monopoly auction?
The starting price for the Monopoly auction is usually 1.
Is monopoly demand always elastic?
No, monopoly demand is not always elastic. In a monopoly, the demand curve is typically downward-sloping, meaning that the monopolist can influence the price of its product. The elasticity of demand depends on factors such as the availability of substitutes and the necessity of the product; if substitutes are few and the product is a necessity, demand may be inelastic. Conversely, if there are many substitutes, demand can be more elastic.
Can monopoly set both the price and quantity?
Yes, a monopoly can set both the price and quantity of its product. Unlike firms in competitive markets, a monopolist faces a downward-sloping demand curve, allowing it to choose the price by adjusting the quantity produced. By selecting a quantity that maximizes its profits, the monopolist can then set the corresponding price based on the demand for that quantity. This ability to influence both price and quantity is a defining characteristic of monopoly power.
What explains the meaning of monopoly?
The exclusive power, or privilege of selling a commodity; the exclusive power, right, or privilege of dealing in some article, or of trading in some market; sole command of the traffic in anything, however obtained; as, the proprietor of a patented article is given a monopoly of its sale for a limited time; chartered trading companies have sometimes had a monopoly of trade with remote regions; a combination of traders may get a monopoly of a particular product., Exclusive possession; as, a monopoly of land., The commodity or other material thing to which the monopoly relates; as, tobacco is a monopoly in France.
How are a monopolistic firm and a competitive firm similar?
Monopoly means that there are no competitor for your product or servises
What is a near monopoly?
A monopoly is when one store has an important piece of merchandise that no other store has, so they increase the price on that product thus making more money than the other stores. This is now illegal in the U.S
What term is used to describe a business that becomes so large that it swallows up the competituion?
monopoly ================================================== A monopoly happens when an enterprise, group, person, has control over a product/service in a particular area. The enterprise can fix pricing and push-out competitors.
