HilmaMerkle
Answered

How do monopolies affect the price of goods? A.Monopolies always result in lower consumer prices. B.Monopolies can lower and raise their prices at will. C.Monopolies always result in higher consumer prices. D.Monopolies have no effect on the cost of goods.



Answer :

saadhussain514

The correct answer for above statement is:

B.Monopolies can lower and raise their prices at will.

Explanation:

A monopoly's potential to increase prices generally is its most critical injury to customers. Because it has no manufacturing competition, a monopoly's price is the exchange price and demand is market interest. As the sole supplier, a patent can also refuse to serve clients

ayfat23

The ways in which monopolies influence the price of goods as regards this question is B.Monopolies can lower and raise their prices at will.

  • In the domain if economics, Monopoly can be regarded as a single seller found in a market.

  • It can be explained as  business entity which posses a significant market power, this power could include charging of overly high prices,

  • In Monopoly the increase as well as decrease in price of goods is associated to that entity that has the Monopoly because he has shut down his rivals in the market.

Therefore, option B is correct.

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