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JAMB Economics 2015 Paper
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Question : 21
Total: 70
A monopolist has the power to influence the prices of goods and services. Therefore, he is a
price maker
price taker
price system
price competition
Validate
Solution:
Monopoly is a situation where there is a single producer and seller of a commodity for which there is no close substitute. This gives a monopolist the power to make/decide the price for a particular commodity.
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