Answered

At Westonci.ca, we make it easy for you to get the answers you need from a community of knowledgeable individuals. Explore thousands of questions and answers from knowledgeable experts in various fields on our Q&A platform. Experience the convenience of finding accurate answers to your questions from knowledgeable experts on our platform.

how do monopolies affect the price of goods? monopolies always result in higher consumer prices. monopolies always result in lower consumer prices.

Sagot :

asarwar

Monopolies raise the price of goods and monopolies always result in higher consumer prices.

A monopoly is basically a market with a single seller who is called the monopolist,  but with many buyers. Monopolist always result in higher consumer prices and raises the price.  Usually, a market that is competitive consists of a large number of both sellers and buyers, no single buyer or seller can influence the price of a commodity, but a monopolist has control over the prices of the market. The market with monopolies usually has high prices as a result fewer consumers can afford the goods or services.

A perfectly competitive firm is considered a “price taker,” but a monopolist is considered as a “price maker.” A monopolist is the one who can raise the price of a product with no worry about the actions of competitors. In a market that is competitive, if a firm raises the price of its products, it will usually lose market share as buyers move to other sellers.

The monopolist is basically the market maker and controls the amount of a commodity/product available in the market.

You can learn more about monopoly at

https://brainly.com/question/9330307

#SPJ4

We hope you found this helpful. Feel free to come back anytime for more accurate answers and updated information. We hope you found what you were looking for. Feel free to revisit us for more answers and updated information. Westonci.ca is here to provide the answers you seek. Return often for more expert solutions.