Question

Single price Monopoly, Monopoly price setting strategies. ​

Answer 1

Answer:

• single-price monopoly :- is a firm that must sell each unit of its output for the same price to all its customers. DeBeers sell diamonds (quality given) at a single price. Price Discrimination. A price-discriminating monopoly is a firm that is able to sell different units of a good or service for different prices.
• Monopoly price strategies:- The goal of a monopoly in developing a pricing strategy is to maximize profits. The market price is determined by demand for goods or services. The monopoly wants to set the highest price possible and still be able to sell all goods manufactured. A monopoly must determine the correct level of output to maximize profits. A monopoly has an advantage over other market structures in determining prices in that consumers cannot easily exchange their product for a comparable one from a local provider. For example, there is not a comparable substitute for electricity.

Answer 2

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