Asked by
Yijia Zhang
on Oct 12, 2024
Verified
When more substitutes become available,a monopolist has __________ power to raise price.
A) less
B) infinite
C) more
Substitutes
Products or services that can be used in place of each other, satisfying the same needs or wants of the consumer.
Monopolist
A single seller in a market who has significant control over the entire supply of a good or service, and thus can influence price.
- Explain the restrictions on the power of monopolies and the impact of the availability of alternatives.
Verified Answer
ER
Learning Objectives
- Explain the restrictions on the power of monopolies and the impact of the availability of alternatives.