Practicing Success

Target Exam

CUET

Subject

Economics

Chapter

Micro Economics: Non Competitive markets

Question:
A monopolist is a
Options:
Price Acceptor
Price Adjuster
Price Setter
Price Taker
Correct Answer:
Price Setter
Explanation:
A monopolist is a price setter or a price maker. He is the ONLY producer of the product. So if anyone wants to buy that product, he/she must do so from the monopolist only. This is unlike a perfectly competitive market where there are a large number of firms and so no single firm has power to influence market price. They have to be price takers.