Monopolists can charge any price and sell any amount of output they want because no competition exists.

Name: Monopolists can charge any price and sell any amount of output they want because no competition exists.
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Question

Quizplus · Accepted Answer

Monopolists are constrained by the market demand curve; they can choose a price or quantity, but the market demand determines the other variable. They cannot sell unlimited quantities at any price due to consumer willingness to pay and price sensitivity.

Monopolists Can Charge Any Price and Sell Any Amount of Output