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Practical Application # 3. Monopoly Pricing: The concept is useful in monopoly price- decisions. The monopolist, being the sole supplier of a particular commodity, can raise price but cannot affect demand pattern of consumers. So, in fixing the price the monopolist will have, of necessity, to take note of the elasticity of demand for his product. BSc in International Business. Market structure: perfect competition, monopoly, monopolistic competition, etc. Practical Application of Theory
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