Lonewolf Ltd is the sole manufacturer and supplier of a sonar panels in the country. As a result of this the CEO claimed in a recent meeting that he can set any price he wishes and sell as many units if his products as he wants at that price. Is this correct?
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Expert's answer
2018-04-23T09:26:08-0400
It is not correct. The amount of sold products are restricted by demand, so quantity demanded is different for every price.
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