Respuesta :
A monopoly firm faces a downward sloping demand curve and is a price seeker.
According to Irving Fisher, a monopoly is a market where there is "no competition," which results in a situation where a specific individual or business is the only supplier of a specific good or service. This contrasts with monopsony, which refers to a single entity's dominance of a market to buy a good or service, and oligopoly and duopoly, which consist of a small number of vendors controlling a market. Thus, the absence of viable substitutes for the good or service, the absence of economic competition for production, and the potential for a high monopoly price that is substantially beyond the seller's marginal cost and generates a high monopoly profit are the characteristics of monopolies.
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