Which of the following is false?
A)For a monopolist there are no close substitutes for its product.
B)At one point in time IBM was a monopoly because no other firm produced mainframe computers.
C)A monopolist is a price taker.
D)The only gas station within 300 miles just off of highway 80 in Wyoming would be considered a monopoly.

Question

Quizplus · Accepted Answer

A monopolist is not a price taker. They have market power and can influence the price of their product. A price taker is a firm in a perfectly competitive market, where they cannot influence the price and must accept the market price.

Which of the Following Is False