Question

Shoe for All Company was a monopoly. But then competition was allowed to enter its market. As a result of this competition, the prices at Shoe for All Company were likely to:
rise
drop
remain the same

Answer 1

In monopoly market there is restriction in entering of new firm.Generally because ,there are patent rights granted to a monopoly firm.Or , a monopoly firm has exclusive control over technique of production or over the raw material needed for production.

In monopoly there is full control over prices of the particular product.

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