A manufacturing firm is the sole seller of a specialized machine. The demand schedule for this product is shown in the table below.

$\begin{array} { | c | c | c | c | c | c | c | c | }
\hline \text { Price } & \$ 700000 & \$ 600000 & \$ 500000 & \$ 400000 & \$ 300000 & \$ 200000 & \$ 100000 \
\hline \begin{array} { c }
\text { Quantity } \
\text { Demanded }
\end{array} & 0 & 1 & 2 & 3 & 4 & 5 & 6 \
\hline
\end{array}$
-In this market the firm is:

Question

A manufacturing firm is the sole seller of a specialized machine. The demand schedule for this product is shown in the table below.

$\begin{array} { | c | c | c | c | c | c | c | c | } 
\hline \text { Price } & \$ 700000 & \$ 600000 & \$ 500000 & \$ 400000 & \$ 300000 & \$ 200000 & \$ 100000 \
\hline \begin{array} { c } 
\text { Quantity } \
\text { Demanded }
\end{array} & 0 & 1 & 2 & 3 & 4 & 5 & 6 \
\hline
\end{array}$
-In this market the firm is:

Quizplus · Accepted Answer

The firm is the sole seller of a specialized machine, which defines it as a monopolist. Monopolists have unique products with no close substitutes and are the only sellers in their market.

A Manufacturing Firm Is the Sole Seller of a Specialized