Identify and explain the concept from given illustrations.“A monopol

1.	Identify and explain the concept from given illustrations.“A monopoly firm can exercise considerable influence on the supply of his commodity and thereby its price.”
Answer» Concept : Price Maker (Feature of Monopoly). Explanation : A monopolist is a single seller in the market for his product and has control over the supply and can determine the price for his product. There are no close substitutes available for his product in the market. So, he is a price maker.

Identify and explain the concept from given illustrations.“A monopoly firm can exercise considerable influence on the supply of his commodity and thereby its price.”

Answer»

Concept : Price Maker (Feature of Monopoly).

Explanation : A monopolist is a single seller in the market for his product and has control over the supply and can determine the price for his product.

There are no close substitutes available for his product in the market. So, he is a price maker.

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Identify and explain the concept from given illustrations.“A monopoly firm can exercise considerable influence on the supply of his commodity and thereby its price.”

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