question archive A monopolist is: a
A monopolist is: a
Subject:MarketingPrice:2.88 Bought3
A monopolist is:
a. A firm with annual sales of over $10 million,
b. A single supplier of a good or service for which there is no close substitute,
c. A producer of a good or service that is costly to produce, requiring large amounts of capital investment,
d. A large firm, making substantial profits, that is able to exercise market control over other firms.
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- The correct option is (B).
In the monopoly market, the monopolist is the single seller of the product in the market; thereby, he creates a legal high entry-barriers to enjoy a higher amount of profits. Besides this, the monopolist is able to maximize its profit because the buyers have no choice in the market regarding the monopolist product; that is, either the buyer has to buy the monopolist product at a higher price or buy nothing.c
