MICROECONOMICS FOR TODAY (LL)-W/MINDTAP
MICROECONOMICS FOR TODAY (LL)-W/MINDTAP
10th Edition
ISBN: 9781337739115
Author: Tucker
Publisher: CENGAGE L
Question
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Chapter 9, Problem 1SQP

(a)

To determine

Explain why the given items are considered as monopolist in the market.

(a)

Expert Solution
Check Mark

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.

Economics Concept Introduction

Monopolist: A monopolist is an individual or a company that controls the market for a particular good or service.

(b)

To determine

Explain why the given items are considered as monopolist.

(b)

Expert Solution
Check Mark

Explanation of Solution

The newly invested cancer drug with patent protection is a monopoly good because it has no substitutes. Thus, it considered as a monopolist in the market.

Economics Concept Introduction

Monopolist: A monopolist is an individual or a company that controls the market for a particular good or service.

(c)

To determine

Explain why the given items are considered as monopolist

(c)

Expert Solution
Check Mark

Explanation of Solution

U.S postal service is a definitive example of pure monopoly. Thus, it is a monopolist in the market.

Economics Concept Introduction

Monopolist: A monopolist is an individual or a company that controls the market for a particular good or service.

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