With the aid of a diagram show that the monopoly will never produce any socially desirable outcome
Answers
Monopoly is a market structure characterized by a single seller.
In a monopoly market structure the seller controls all the market by determining the prices of the goods and services and he or she is likely to realize large profits a lone as he or she is the sole controller of the entire market.
Other market structures which may be of help to you are as follows; Oligopoly market structure, perfect competition market structure, monopolistic market structure among others.
Monopoly
A market structure characterized by a single seller, selling a unique product in the market. In a monopoly market, the seller faces no competition, as he is the sole seller of goods with no close substitute. ... He enjoys the power of setting the price for his goods.
see diagram in attached file
which shows that the monopoly never produces any socially desirable outcome.
Socially desirable responding (SDR) is typically defined as the tendency to give positive self-descriptions . Its status as a response style rests on the clarification of an underlying psychological construct.