Monopoly power possessed by any one firm is _____.

Name: Monopoly power possessed by any one firm is _____.
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Monopoly power is reduced as the elasticity of demand increases. This is because the higher the elasticity of demand, the more sensitive consumers are to changes in price, and the more likely they are to switch to substitute products if the monopolist raises prices. Therefore, a monopolist will have less power to raise prices and control the market if demand is more elastic.

Monopoly Power Possessed by Any One Firm Is _____