(b) Explain the following statement: A profit maximising monopolist charges a price greater than the marginal cost of production.
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Monopoly Firm:
A monopoly firm is a firm that has the exclusive right to produce a certain product. The firm produces a product that is unique and has no close substitutes. This means that the monopoly firm faces no competition from other firms. Because of this, a monopoly firm has the power to set a price for its product and also control the supply of its output
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