Ask Question
BusinessBusiness
9 December, 03:14

Does a monopoly have to be as considerate of the demand for their products as the other structures? explain.

+4
Answers (1)
  1. 9 December, 05:14
    0
    Monopoly is defined as the exclusive possession or control of the supply or trade in a commodity or service.

    Demand in a monopoly is inelastic. This means that regardless of the changes in price, demand will still be the same. Examples of monopoly are public utilities. Whether we like it or not, we use public utilities (water, electricity, natural gas, and telecommunications). These are parts of our daily lives and satisfy our basic needs. Even if price of these utilities increase, the demand would still be the same. There are no competitors for these products.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Does a monopoly have to be as considerate of the demand for their products as the other structures? explain. ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Suppose you decided to open a copy store. You rent store space (signing a one year lease), and you take out a loan at the local bank and use the money to purchase 10 copiers.
Answers (1)
Michelle always drives down hampton avenue to go to the work. one morning michelle discovers that hampton avenue is closed at wood street because of construction. michelle immediately takes a different route to work.
Answers (1)
Atlanta Inc. recently decided to lower its budget for doubtful accounts by dropping bad debt expense from 2% of sales to 1% of sales.
Answers (1)
What environmental factors have affected the types of costs in the airline industry after 2001? what specific tactics has southwest deployed to blunt or exploit these environmental factors?
Answers (1)
Sam needed a new pair of bicycle pedals. After visiting several stores to find the right ones, he purchased a pair from a local store called All Things Sports and was satisfied that his needs were met.
Answers (1)
New Questions in Business
Vaughn Manufacturing's prepaid insurance was $197000 at December 31, 2021 and $90300 at December 31, 2020. Insurance expense was $62000 for 2021 and $55000 for 2020.
Answers (1)
If a firm increases its sales and cost of goods sold while holding its inventories constant, then, other things held constant, its inventory turnover ratio will decrease. b.
Answers (1)
Which of the following is a disadvantage of the sole proprietorship form of ownership
Answers (2)
Products that are essential for life, such as water or groceries, yield more marginal utility than rare products, such as diamonds or luxury vehicles. A. True B. False.
Answers (1)
Copy Center pays an average wage of $12 per hour to employees for printing and copying jobs, and allocates $18 of overhead for each employee hour worked. Materials are assigned to each job according to actual cost.
Answers (1)
Home » Business » Does a monopoly have to be as considerate of the demand for their products as the other structures? explain.
Sign Up Forgot Password?