Which of the following best explains why there is no meaningful supply curve for a monopolist?

Question

Quizplus · Accepted Answer

A monopolist determines both quantity and price, so there is no unique association between price and quantity supplied. Unlike a perfectly competitive firm, a monopolist cannot simply adjust quantity supplied in response to changes in price as it has market power to set a price at which it wants to sell the desired quantity. Therefore, there is no meaningful supply curve for a monopolist. In a monopoly market, the firm has control over both price and quantity supplied. Therefore, there is no unique relationship between price and quantity supplied, as the monopolist can choose any combination of the two. As a result, there is no meaningful supply curve for a monopolist.

Which of the Following Best Explains Why There Is No