MANAGEMENT

Detailed explanation-1: -There are few barriers to entry and exit. Producers have a degree of control over price.

Detailed explanation-2: -In a monopolistic market, the monopoly, or the controlling company, has full control of the market, so it sets the price and supply of a good or service.

Detailed explanation-3: -However, monopolists have the ability to change the market price based on the amount they produce since they are the only source of products in the market. When a monopolist produces the quantity determined by the intersection of MR and MC, it can charge the price determined by the market demand curve at the quantity.

Detailed explanation-4: -In monopolistic competition, supply and demand forces do not dictate pricing. Firms are selling similar, yet distinct products, so firms determine the pricing. Product differentiation is the key feature of monopolistic competition, where products are marketed by quality or brand.

Detailed explanation-5: -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.