Explain the impact of monopolies on consumers – InterviewSolution

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1.	Explain the impact of monopolies on consumers
Answer» nopoly, the firm will set a SPECIFIC price for a good that is available to all consumers. The QUANTITY of the good will be less and the price will be higher (this is what MAKES the good a commodity). The MONOPOLY pricing creates a deadweight LOSS because the firm forgoes transactions with the consumers.

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