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What are the characteristics of a monopolist? Provide an original (not from text or notes) of...

  1. What are the characteristics of a monopolist? Provide an original (not from text or notes) of a market that you think has these characteristics (and explain why you think this). Explain why
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Answer #1

Characteristics of monopolist:
1. Each seller sells similar but differentiated good in terms of quality and consumer choices
2. Has little pricing power because of branding
3. Price is higher than marginal cost

For example:
A cereal like wheat belongs to perfectly competitive market, whereas when it is being sold by different brands, the price of the wheat changes according to the brand, quality and consumer choices. Hence a branded firm selling the wheat would have more pricing power than the unbranded wheat

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