In the Theory of Price, George Stigler points out that a monopolist is no less desirous of profits than a competitive firm. According to Stigler, what distinguishes the monopolist from other entrepreneurs?
A) strategy
B) morality
C) objective
D) market position
E) motivation

Question

Quizplus · Accepted Answer

The key distinction between a monopolist and other entrepreneurs, as pointed out by George Stigler, lies in their market position. A monopolist has control over the market for their product, unlike entrepreneurs in a competitive market who must share the market with other competitors.

In the Theory of Price, George Stigler Points Out That