Explain why the given items are considered as monopolist in the market.

Question

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Answer 1

Question

Chapter 9, Problem 1SQP

(a)

To determine

Explain why the given items are considered as monopolist in the market.

(a)

Expert Solution

Explanation of Solution

The local water service is a single firm which delivers unique product because there is no substitute for water. Thus, the local water service is a monopolist in the market.

Economics Concept Introduction

Monopolist: A monopolist is an individual or a company that controls the market for a particular good or service.

(b)

To determine

Explain why the given items are considered as monopolist.

(b)

Expert Solution

Explanation of Solution

The newly invested cancer drug with patent protection is a monopoly good because it has no substitutes. Thus, it considered as a monopolist in the market.

Economics Concept Introduction

Monopolist: A monopolist is an individual or a company that controls the market for a particular good or service.

(c)

To determine

Explain why the given items are considered as monopolist

(c)

Expert Solution

Explanation of Solution

U.S postal service is a definitive example of pure monopoly. Thus, it is a monopolist in the market.

Economics Concept Introduction

Monopolist: A monopolist is an individual or a company that controls the market for a particular good or service.

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Answer 2

Question

Chapter 9, Problem 1SQP

(a)

To determine

Explain why the given items are considered as monopolist in the market.

(a)

Expert Solution

Explanation of Solution

The local water service is a single firm which delivers unique product because there is no substitute for water. Thus, the local water service is a monopolist in the market.

Economics Concept Introduction

Monopolist: A monopolist is an individual or a company that controls the market for a particular good or service.

(b)

To determine

Explain why the given items are considered as monopolist.

(b)

Expert Solution

Explanation of Solution

The newly invested cancer drug with patent protection is a monopoly good because it has no substitutes. Thus, it considered as a monopolist in the market.

Economics Concept Introduction

Monopolist: A monopolist is an individual or a company that controls the market for a particular good or service.

(c)

To determine

Explain why the given items are considered as monopolist

(c)

Expert Solution

Explanation of Solution

U.S postal service is a definitive example of pure monopoly. Thus, it is a monopolist in the market.

Economics Concept Introduction

Monopolist: A monopolist is an individual or a company that controls the market for a particular good or service.

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Answer 3

Question

Chapter 9, Problem 1SQP

(a)

To determine

Explain why the given items are considered as monopolist in the market.

(a)

Expert Solution

Explanation of Solution

The local water service is a single firm which delivers unique product because there is no substitute for water. Thus, the local water service is a monopolist in the market.

Economics Concept Introduction

Monopolist: A monopolist is an individual or a company that controls the market for a particular good or service.

(b)

To determine

Explain why the given items are considered as monopolist.

(b)

Expert Solution

Explanation of Solution

The newly invested cancer drug with patent protection is a monopoly good because it has no substitutes. Thus, it considered as a monopolist in the market.

Economics Concept Introduction

Monopolist: A monopolist is an individual or a company that controls the market for a particular good or service.

(c)

To determine

Explain why the given items are considered as monopolist

(c)

Expert Solution

Explanation of Solution

U.S postal service is a definitive example of pure monopoly. Thus, it is a monopolist in the market.

Economics Concept Introduction

Monopolist: A monopolist is an individual or a company that controls the market for a particular good or service.

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Answer 4

Question

Chapter 9, Problem 1SQP

(a)

To determine

Explain why the given items are considered as monopolist in the market.

(a)

Expert Solution

Explanation of Solution

The local water service is a single firm which delivers unique product because there is no substitute for water. Thus, the local water service is a monopolist in the market.

Economics Concept Introduction

Monopolist: A monopolist is an individual or a company that controls the market for a particular good or service.

(b)

To determine

Explain why the given items are considered as monopolist.

(b)

Expert Solution

Explanation of Solution

The newly invested cancer drug with patent protection is a monopoly good because it has no substitutes. Thus, it considered as a monopolist in the market.

Economics Concept Introduction

Monopolist: A monopolist is an individual or a company that controls the market for a particular good or service.

(c)

To determine

Explain why the given items are considered as monopolist

(c)

Expert Solution

Explanation of Solution

U.S postal service is a definitive example of pure monopoly. Thus, it is a monopolist in the market.

Economics Concept Introduction

Monopolist: A monopolist is an individual or a company that controls the market for a particular good or service.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 9, Problem 1SQP

(a)

To determine

Explain why the given items are considered as monopolist in the market.

(a)

Expert Solution

Explanation of Solution

The local water service is a single firm which delivers unique product because there is no substitute for water. Thus, the local water service is a monopolist in the market.

Economics Concept Introduction

Monopolist: A monopolist is an individual or a company that controls the market for a particular good or service.

(b)

To determine

Explain why the given items are considered as monopolist.

(b)

Expert Solution

Explanation of Solution

The newly invested cancer drug with patent protection is a monopoly good because it has no substitutes. Thus, it considered as a monopolist in the market.

Economics Concept Introduction

Monopolist: A monopolist is an individual or a company that controls the market for a particular good or service.

(c)

To determine

Explain why the given items are considered as monopolist

(c)

Expert Solution

Explanation of Solution

U.S postal service is a definitive example of pure monopoly. Thus, it is a monopolist in the market.

Economics Concept Introduction

Monopolist: A monopolist is an individual or a company that controls the market for a particular good or service.

Answer 6

Chapter 9, Problem 1SQP

(a)

To determine

Explain why the given items are considered as monopolist in the market.

(a)

Expert Solution

Explanation of Solution

The local water service is a single firm which delivers unique product because there is no substitute for water. Thus, the local water service is a monopolist in the market.

Economics Concept Introduction

Monopolist: A monopolist is an individual or a company that controls the market for a particular good or service.

Answer 7

Chapter 9, Problem 1SQP

(a)

To determine

Explain why the given items are considered as monopolist in the market.

Answer 8

(a)

Expert Solution

Explanation of Solution

The local water service is a single firm which delivers unique product because there is no substitute for water. Thus, the local water service is a monopolist in the market.

Answer 9

(a)

Expert Solution

Answer 10

(a)

Expert Solution

Answer 11

Expert Solution

Answer 12

Economics Concept Introduction

Monopolist: A monopolist is an individual or a company that controls the market for a particular good or service.

Answer 13

(b)

To determine

Explain why the given items are considered as monopolist.

(b)

Expert Solution

Explanation of Solution

The newly invested cancer drug with patent protection is a monopoly good because it has no substitutes. Thus, it considered as a monopolist in the market.

Economics Concept Introduction

Monopolist: A monopolist is an individual or a company that controls the market for a particular good or service.

Answer 14

(b)

To determine

Explain why the given items are considered as monopolist.

Answer 15

(b)

Expert Solution

Explanation of Solution

The newly invested cancer drug with patent protection is a monopoly good because it has no substitutes. Thus, it considered as a monopolist in the market.

Answer 16

(b)

Expert Solution

Answer 17

(b)

Expert Solution

Answer 18

Expert Solution

Answer 19

Economics Concept Introduction

Monopolist: A monopolist is an individual or a company that controls the market for a particular good or service.

Answer 20

(c)

To determine

Explain why the given items are considered as monopolist

(c)

Expert Solution

Explanation of Solution

U.S postal service is a definitive example of pure monopoly. Thus, it is a monopolist in the market.

Economics Concept Introduction

Monopolist: A monopolist is an individual or a company that controls the market for a particular good or service.

Answer 21

(c)

To determine

Explain why the given items are considered as monopolist

Answer 22

(c)

Expert Solution

Explanation of Solution

U.S postal service is a definitive example of pure monopoly. Thus, it is a monopolist in the market.

Answer 23

(c)

Expert Solution

Answer 24

(c)

Expert Solution

Answer 25

Expert Solution

Answer 26

Economics Concept Introduction

Monopolist: A monopolist is an individual or a company that controls the market for a particular good or service.

Answer 27

Ch. 9.1 - Prob. 1GE Ch. 9.1 - Prob. 2GE Ch. 9.2 - Prob. 1YTE Ch. 9.4 - Prob. 1YTE Ch. 9 - Prob. 1SQP Ch. 9 - Prob. 2SQP Ch. 9 - Prob. 3SQP Ch. 9 - Prob. 4SQP Ch. 9 - Prob. 5SQP Ch. 9 - Prob. 6SQP

Explain why the given items are considered as monopolist in the market.

Explain why the given items are considered as monopolist in the market.

Explanation of Solution

Explain why the given items are considered as monopolist.

Explanation of Solution

Explain why the given items are considered as monopolist

Explanation of Solution

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Chapter 9 Solutions