A monopolist is forced to lower its price in order to sell another unit of its product. this describes the problem of marginal revenue is less than price.
A monopoly is a market structure in which a single seller or a producer assumes that he has a dominant position in an industry or any sector. Monopolies are discouraged in the free-market economies as they try to stifle the competition and limit different substitutes for consumers.
In the United States, antitrust legislation restricts monopolies which ensures that one business cannot control a market and use that control to exploit its customers.
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