In the ________, the producer can determine the price of the commodity and hence, the producer is said to be the price maker in the market. Maximisation of profits is the sole objective.
Monopoly market
The correct answer is option 3. In a monopoly market, the producer is the price maker, meaning they have the power to set the price of the commodity due to the lack of competition. In contrast, in other market structures like perfect competition or oligopoly, producers do not have the same level of control over pricing.
Similar Questions
Under monopoly market, if the seller charges different prices from different customers on the basis of paying capacity of the consumer, it is said to be price discrimination of the _______.
In the short run, the monopolist should make sure that the price should not go below ____.
In Monopoly Market equilibrium, the trader gets _______ in the long run (where all factors happen to be variable).
Important Questions from Monopoly
Under monopoly market, if the seller charges different prices from different customers on the basis of paying capacity of the consumer, it is said to be price discrimination of the _______.
In the short run, the monopolist should make sure that the price should not go below ____.
In Monopoly Market equilibrium, the trader gets _______ in the long run (where all factors happen to be variable).
