MANAGEMENT

Detailed explanation-1: -In a monopolistic market, firms are price makers because they control the prices of goods and services. In this type of market, prices are generally high for goods and services because firms have total control of the market.

Detailed explanation-2: -Ability to set price: Oligopolies are price setters rather than price takers. Entry and exit: Barriers to entry are high.

Detailed explanation-3: -A monopolist is considered to be a price maker, and can set the price of the product that it sells. However, the monopolist is constrained by consumer willingness and ability to purchase the good, also called demand.

Detailed explanation-4: -A monopoly is a market structure where a single seller or producer assumes a dominant position in an industry or a sector. Monopolies are discouraged in free-market economies as they stifle competition and limit substitutes for consumers.

Detailed explanation-5: -Firms in an oligopoly set prices, whether collectively-in a cartel-or under the leadership of one firm, rather than taking prices from the market. Profit margins are thus higher than they would be in a more competitive market.