A monopoly can choose the price or it can choose the quantity,but it cannot choose price and quantity independent of each other.

Question

Quizplus · Accepted Answer

This is because, if the monopoly chooses a certain price, the quantity demanded by consumers will also be determined by that price. Similarly, if the monopoly chooses a certain quantity to produce, the price charged for that quantity will be determined by the demand for the product at that level of production. Thus, price and quantity are interdependent and cannot be chosen independently.

A Monopoly Can Choose the Price or It Can Choose