[amp_mcq option1=”The monopolist always makes a profit” option2=”There is no entry for other” option3=”Equilibrium involves MC = MR and MC < P\" option4=\"The monopolist controls the supply\" correct=\"option4\"]<\/p>\n
The correct answer is: D. The monopolist controls the supply.<\/strong><\/p>\n A monopoly is a market structure in which there is only one seller of a good or service. The monopolist has a great deal of market power, which means that it can set the price of its product. As a result, the monopolist’s supply curve is not a straight line, as it is in a competitive market. Instead, the monopolist’s supply curve is upward-sloping, because the monopolist will only produce more of its product if it can charge a higher price.<\/p>\n The other options are incorrect for the following reasons:<\/p>\n I hope this explanation is helpful. Please let me know if you have any other questions.<\/p>\n","protected":false},"excerpt":{"rendered":" [amp_mcq option1=”The monopolist always makes a profit” option2=”There is no entry for other” option3=”Equilibrium involves MC = MR and MC < P\" option4=\"The monopolist controls the supply\" correct=\"option4\"]\n<\/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-57651","post","type-post","status-publish","format-standard","hentry","category-economics","no-featured-image-padding"],"yoast_head":"\n\n