Under which of the following scenarios is it most likely that a monopoly power will be exhibited by firms?  1. When there are few firms in the market and the demand curve faced by each firm is relatively inelastic. 2. When there are many firms I. The market and the demand curve faced by each firm is relatively inelastic. 3. When there are few firms in the market and the demand curve faced by each firm relatively elastic.  4. When there are many firms in the market and the demand curve faced by each firm is relatively elastic.  5. When there are many firms in the market and the interaction between them is very strong.

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Monopoly Market

When a company and its products dominate a sector or an industry, it is termed a monopoly. When a firm and its products control a market, then it is called a monopoly.