Question on: JAMB Economics - 2015
A monopolist has the power to influence the prices of goods and services. Therefore, he is a
A
price maker
B
price taker
C
price system
D
price competition
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Correct Option: A
Monopoly is a situation where there is a single producer and seller of a commodity for which there is no close substitute. This gives a monopolist the power to make/decide the price for a particular commodity.
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