JAMB - Economics (2015 - No. 21)
A monopolist has the power to influence the prices of goods and services. Therefore, he is a
price maker
price taker
price system
price competition
Paaiškinimas
Monopoly is a situation where there is a single producer and seller of a commodity for which there is no close substitute. This gives a monopolist the power to make/decide the price for a particular commodity.