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If demand is inelastic, then the monopolist can increase profits by increasing prices, where the increase in price more than offsets the drop in quantity
What exactly is a monopolist individual?
A monopolist is a person, organization, or business that controls and dominates the marketplace for a particular item or service. Due to the absence of substitute products or services and competition, monopolists can command high prices since they have sufficient market power.
How did monopolists behave?
A monopolist is a person, team, or business that dominates the market for an item or service. Monopolists frequently demand high pricing for their products. A significant piece of American legislation known as the Clayton Antitrust Act was passed in 1890 and forbade cartels, monopolies, and trusts in order to boost economic competition.
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