Asked by Emily Schreurs on Jul 21, 2024
Verified
Monopolists are price takers.
Monopolists
Firms or individuals that are the sole providers of a particular good or service, giving them significant market power.
Price Takers
Participants in a market who accept the prevailing market price because they do not have enough power to influence it.
- Identify the role of price takers and price setters in different market structures.
Verified Answer
SB
Shankeria BishopJul 27, 2024
Final Answer :
False
Explanation :
Monopolists are price makers because they have significant control over the price of their product due to the lack of competition in their market.
Learning Objectives
- Identify the role of price takers and price setters in different market structures.
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