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I am being asked to evaluate whether monopolistic company's can charge whatever price for their goods or service because of the company is the only
I am being asked to evaluate whether monopolistic company's can charge whatever price for their goods or service because of the company is the only source available.
Fully understand the general economic idea that a monopolist are price setters and not price takers. But what other economic concepts are to be considered that challenges or confirms this statement above?
Would appreciate an expert input and explanation. Thank you in advance!
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