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Answer to Question #228099 in Macroeconomics for Emy

Question #228099
“Since there are no close substitutes for the monopoly's product, the monopoly can charge
any price it wishes”.Is it a true or false statement? Give your reasons. (
1
Expert's answer
2021-08-23T13:11:48-0400

This is a true statement.

This is because in a monopoly the goods are differentiated and have no close substitutes. For this reason, the monopolies are price makers and not takers. They set a price at a point they can be able to maximize their profits


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