A monopolist has the power to influence the prices of goods and services. Therefore, he...

Economics

JAMB 2015

A monopolist has the power to influence the prices of goods and services. Therefore, he is a

A. price maker
B. price taker
C. price system
D. price competition

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Correct Answer: Option A

Explanation

Monopoly is a situation where there is a single producer and seller of a commodity for which there is no close substitute. This gives a monopolist the power to make/decide the price for a particular commodity.

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A monopolist has the power to influence the prices of goods and services. Therefore, he...

Correct Answer: Option A

Explanation

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