Because monopoly firms are price-setters: A. they charge the highest possible price. B. they can sell more only by lowering price. C. they sell more at higher prices than at lower prices. D. they take the market-determined price as given and sell all they can at that price

Question

Business

Barbara Baker

26 December, 14:20

Because monopoly firms are price-setters: A. they charge the highest possible price. B. they can sell more only by lowering price. C. they sell more at higher prices than at lower prices. D. they take the market-determined price as given and sell all they can at that price

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Answers (1)

Know the Answer?

Blaine Joyce · Answer 1

A. they charge the highest possible price

Explanation:

A monopoly market is a market form that has the few suppliers or one supplier but has a large buyer and thus they charge a high rate and thus they are considered to be process settlers and are price takers and price-makers and have the normal ability there periods and demands for the product is highly elastic.