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| 1. |
A monopolist firm has full control over price and demand for his product. |
| Answer» <html><body><p></p>Solution :A <a href="https://interviewquestions.tuteehub.com/tag/monopolist-1101062" style="font-weight:bold;" target="_blank" title="Click to know more about MONOPOLIST">MONOPOLIST</a> firm has <a href="https://interviewquestions.tuteehub.com/tag/full-1001178" style="font-weight:bold;" target="_blank" title="Click to know more about FULL">FULL</a> control over <a href="https://interviewquestions.tuteehub.com/tag/price-1165141" style="font-weight:bold;" target="_blank" title="Click to know more about PRICE">PRICE</a>, but demand of the product is not in his control. The monopolist faces a downward sloping demand <a href="https://interviewquestions.tuteehub.com/tag/curve-941741" style="font-weight:bold;" target="_blank" title="Click to know more about CURVE">CURVE</a>, which indicates that demand varies inversely with price.</body></html> | |