[amp_mcq option1=”demand curve” option2=”supply curve” option3=”indifference curve” option4=”isoquant” correct=”option2″]<\/p>\n
The correct answer is: B. supply curve<\/strong><\/p>\n A monopolist is the only seller of a good or service in a market. This means that they have a great deal of control over the price of their product. They can set the price as high as they want, and consumers will have to pay it if they want to buy the product.<\/p>\n A supply curve shows the relationship between the price of a good and the quantity of that good that producers are willing to sell. In a competitive market, the supply curve is upward-sloping. This means that producers are willing to sell more of a good when the price of that good is higher.<\/p>\n However, a monopolist does not have a supply curve. This is because they are not constrained by the market price. They can set the price of their product at any level they want, and consumers will have to pay it if they want to buy the product.<\/p>\n The other options are incorrect because:<\/p>\n [amp_mcq option1=”demand curve” option2=”supply curve” option3=”indifference curve” option4=”isoquant” correct=”option2″]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"class_list":["post-49948","post","type-post","status-publish","format-standard","hentry","category-economics","no-featured-image-padding"],"yoast_head":"\n\n