State with reasons whether you agree or disagree with the following st

1.	State with reasons whether you agree or disagree with the following statements:A monopolist cannot control the supply of goods. OR Monopolist is price maker.
Answer» No, I do not agree with this statement. A monopolist can control the supply of goods because: 1. Monopoly is a market situation in which there is a single producer or seller of a product, which has no substitute. 2. It means the entire production and supply of a particular product is in the hands of a single firm. Thus monopoly firm does not have a rival in the market. So he controls the supply. 3. There is no distinction between a firm and an industry under monopoly. 4. He is a price maker and normally fixes a higher price for profit maximisation.

State with reasons whether you agree or disagree with the following statements:A monopolist cannot control the supply of goods. OR Monopolist is price maker.

Answer»

No, I do not agree with this statement.

A monopolist can control the supply of goods because:

1. Monopoly is a market situation in which there is a single producer or seller of a product, which has no substitute.

2. It means the entire production and supply of a particular product is in the hands of a single firm. Thus monopoly firm does not have a rival in the market. So he controls the supply.

3. There is no distinction between a firm and an industry under monopoly.

4. He is a price maker and normally fixes a higher price for profit maximisation.

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