Question

‘Money is the pivot of market system’. Explain this statement in brief.

Answer 1

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Money is, therefore, the basis of the price mechanism under capitalism. It is a pivot around which the entire capitalist economy revolves. Since such an economy functions without any government interference, money plays a crucial role in maximising the wants of consumers and profits of producers.

Answer 2

A monopoly is a firm who is the sole seller of its product, and where there are no close substitutes. An unregulated monopoly has market power and can influence prices. Examples: Microsoft and Windows, DeBeers and diamonds, your local natural gas company....

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