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(a)
Explain why the given items are considered as monopolist in the market.
(a)
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Explanation of Solution
The local water service is a single firm which delivers unique product because there is no substitute for water. Thus, the local water service is a monopolist in the market.
Monopolist: A monopolist is an individual or a company that controls the market for a particular good or service.
(b)
Explain why the given items are considered as monopolist.
(b)
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Explanation of Solution
The newly invested cancer drug with patent protection is a
Monopolist: A monopolist is an individual or a company that controls the market for a particular good or service.
(c)
Explain why the given items are considered as monopolist
(c)
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Explanation of Solution
U.S postal service is a definitive example of pure monopoly. Thus, it is a monopolist in the market.
Monopolist: A monopolist is an individual or a company that controls the market for a particular good or service.
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Chapter 9 Solutions
MICROECONOMICS FOR TODAY (LL)-W/MINDTAP
- Help me write these economic analysis for Macys one paragraph) Company name/current state of operation of this company - Describe the company's performance in the present economy, whether it is growing or declining, and who are its competitors?arrow_forwardnot use ai pleasearrow_forwardThe following graph plots daily cost curves for a firm operating in the competitive market for sweatbands. Hint: Once you have positioned the rectangle on the graph, select a point to observe its coordinates. Profit or Loss0246810121416182050454035302520151050PRICE (Dollars per sweatband)QUANTITY (Thousands of sweatbands per day)MCATCAVC8, 30 In the short run, given a market price equal to $15 per sweatband, the firm should produce a daily quantity of sweatbands. On the preceding graph, use the blue rectangle (circle symbols) to fill in the area that represents profit or loss of the firm given the market price of $15 and the quantity of production from your previous answer. Note: In the following question, enter a positive number regardless of whether the firm earns a profit or incurs a loss. The rectangular area represents a short-run of thousand per day for the firm.arrow_forward
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