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You will find that we consume monopolies in our daily lives from our electricity to internet...

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Economics


You will find that we consume monopolies in our daily lives fromour electricity to internet service. Why do you think monopoliesare classified as a price maker and what are the challenges thatmonopolies will be facing given the lack ofcompetition?

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4.1 Ratings (755 Votes)
Monopolies are classified as a price maker because There is absense of competition from the other firms which makes the monopoly firm to adjust the price according to their choice ie they can adjust the price whatever    See Answer
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