[amp_mcq option1=”Price and output both” option2=”Neither price nor output” option3=”Neither price or output” option4=”None of the above ” correct=”option1″]
The correct answer is (a). A monopolist can determine both price and output. A monopolist is the only seller of a good or service in a market. This means that they have a great deal of market power and can set prices without fear of competition. They can also choose how much output to produce. This gives them a lot of control over the market and can lead to higher prices and lower output for consumers.
Option (b) is incorrect because a monopolist can determine price. Option (c) is incorrect because a monopolist can determine output. Option (d) is incorrect because a monopolist can determine both price and output.