Monopoly is always in an advantageous position to fix the price of a commodity in a way it likes another exploit the society. It is very essential that the society should be saved from exploitation. This can be done only when the state interferes and for this some measures are always taken by the state. Some of important measures are: [...]
Get the answer of: Is Price Discrimination Socially Desirable? Price discrimination is beneficial to the poor buyers who can get the goods and services at relatively low prices. But it is not beneficial to the rich buyers who are compelled to pay higher prices for the same thing and so are deprived of the consumer's surplus which they might have [...]
Get the answer of: Why is there no Supply Curve under Monopoly? The supply curve is relevant for a price-taker. There is no so supply curve of a price-maker. This is so because when a firm faces a downward sloping demand curve, there is no unique relation between the price that it charges and the quantity that it sells. In [...]