Amanda inherited the only local cable TV/Internet company in town after her father passed away. The company has a local monopoly on the delivery of high-speed Internet service. The company is completely unregulated by the government and is therefore free to operate as it wishes. Assume that Amanda understands the true power of her new monopoly. Which of the following statements is (are) correct?(i) She will be able to set the price of high-speed Internet service at whatever level she wishes.(ii) The customers will be forced to purchase high-speed Internet service at whatever price she wants to set.(iii) She will be able to achieve any profit level that she desires.A. (i), (ii), and (iii) B. (ii) only C. (i) and (iii) only D. (i) only

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mackenziesue2020 mackenziesue2020

08-11-2019
Business

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Amanda inherited the only local cable TV/Internet company in town after her father passed away. The company has a local monopoly on the delivery of high-speed Internet service. The company is completely unregulated by the government and is therefore free to operate as it wishes. Assume that Amanda understands the true power of her new monopoly. Which of the following statements is (are) correct?(i) She will be able to set the price of high-speed Internet service at whatever level she wishes.(ii) The customers will be forced to purchase high-speed Internet service at whatever price she wants to set.(iii) She will be able to achieve any profit level that she desires.A. (i), (ii), and (iii) B. (ii) only C. (i) and (iii) only D. (i) only

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Answer:

C) i. She will be able to set the price of high-speed Internet service at whatever level she wishes.

Explanation:

Any monopoly is able to set the price of the product or service it offers at whatever level it desires.

That doesn't mean that Amanda's profit will increase if she decides to increase the price of the service she provides, since customers are free to decide if they want to pay for that service or not. No one can be forced to buy a product or service, as customers we can decide not to use that service if we consider that the price is too high.