Question on: JAMB Economics - 2024
A producer who can only influence the price of his product but cannot determine the quantity to be sold is referred to as:
A
duopoly
B
monopolist
C
monopsonist
D
oligopoly
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Correct Option: B
A monopolist is a producer who has control over the price of a product but does not control the quantity sold. In a monopoly, the producer is the sole seller of a product with no close substitutes, so they can set the price; however, the quantity sold is determined by consumer demand.
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