For a monopolist, it is necessary to reduce the price to increase output by one unit.
What is Monopoly?
- According to Irving Fisher, a monopoly is a market where there is "no competition," which results in a situation where one person or business is the only supplier of a specific good or service.
- This contrasts with oligopoly and duopoly, which include a small number of vendors controlling a market, and monopsony, which refers to a single entity's dominance of a market to buy a good or service.
What is an example of a monopoly?
- A company with a monopoly is one where its product is sold exclusively and there are no close substitutes.
- Unrestrained monopolies have the ability to set prices and exercise market power.
- Examples include Microsoft and Windows, DeBeers and diamonds, and your neighbourhood gas provider.
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