Why a monopolist should never produce in the inelastic range of the demand curve
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Monopoly itself means bein the supreme being . It's you , the only seller in the market . Inelasticity means , if you change the price , demand will be the same .
Up to some extent price rise is good but after that demand will be lower as people will find some distant substitute.
Example- You're the only man in the world having oil reserves , You go on increasing the price the demand will become low after a certain extent because the government or the people will find some alternative source of energy rather than spending hefty amount for it.
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