Question

A monopolist has no control over the price of the commodity.

• A. True
• B. False

Answer 1

The correct option is B False

False.

In a monopoly competition, there is only one seller and huge number of buyers due to which there remains no competition for the seller and no substitutes for the buyers. Therefore, a monopolist has ultimate control over the price of the commodity which is known as monopoly power of the commodity.