John Hicks wrote an article that pointed out how conjectures on the part of other actors under this condition affect prices.
John Hicks wrote an article that pointed out how conjectures on the part of other actors under this condition affect prices. Elasticity of demand reduces the pricing power under this condition. A natural type of it may come about due solely to economies of scale, such as in distribution of utilities. Barriers to entry like high capital requirements or legal barriers may keep them intact. Deadweight loss occurs under this condition as price exceeds marginal revenue. Under this condition, a producer can charge a higher price. For 10 points identify, this condition wherein a market is dominated by a single seller.
John Hicks wrote an article that pointed out how conjectures on the part of other actors under this condition affect prices.
monopoly 