In which of the following industries do firms set pricesa. competitive

1.	In which of the following industries do firms set pricesa. competitive market but not monopoly marketsb. monopoly but not competitive markets.c. competitive and monopoly marketsd. neither monopoly nor competitive.P.S please answer only if you know the correct answer
Answer» The monopoly price is set by a monopoly. This will occur when the FIRM has no competition as it is the single one in the business. It will have an ABSOLUTE market and are FREE to set prices that can be about the marginal cost. Since it is the single firm hence, it will take up the COMPLETE industry as per the PRODUCTION.

In which of the following industries do firms set pricesa. competitive market but not monopoly marketsb. monopoly but not competitive markets.c. competitive and monopoly marketsd. neither monopoly nor competitive.P.S please answer only if you know the correct answer

Answer»

The monopoly price is set by a monopoly.

This will occur when the FIRM has no competition as it is the single one in the business.

It will have an ABSOLUTE market and are FREE to set prices that can be about the marginal cost.

Since it is the single firm hence, it will take up the COMPLETE industry as per the PRODUCTION.