JAMB Economics 2014 Objective — Question 23
Question 23 of 50 from the Joint Admissions and Matriculation Board (JAMB) Economics 2014 Objective paper, with the correct answer and a full explanation.
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One of the characteristics of a monopolist is that he can influence
- A. price or quantity producedCorrect
- B. price charged by other producers
- C. quantity produced by other producers
- D. both price and quantity
Explanation
A monopolist can influence either the price or quantity, but not the two at the same time, since he is not a price taker like a perfectly competitive firm.
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