Since they have no competition, monopolists will always charge the highest possible price for their goods and services.

Question

Quizplus · Accepted Answer

While it is true that monopolists have market power and can potentially charge higher prices than in a competitive market, they still must consider the demand for their product and the possibility of consumers finding substitutes or alternatives. Additionally, regulatory bodies may intervene in monopolistic pricing practices.

Since They Have No Competition, Monopolists Will Always Charge the Highest