Answer to Question #5473 in Microeconomics for Camilla

Question

Is there a supply curve in a market where there is monopolistic power?

Answer 1

Answer:





There is no supply curve in a market with supply power.




Explanation:




Monopolist is not a price-taking firm, so it has no supply curve, because the supply curve shows the quantity of output a firm produces for a given market
price. The monopolist does not take the price as given.