Please make comments about these two statements.
1. A monopolist can charge whatever they want to, afterall, they are the sole supplier!
2. Monopolists should not advertise since they have no competitors and cannot benefit therefrom.© BrainMass Inc. brainmass.com October 10, 2019, 1:53 am ad1c9bdddf
1. A monopolist cannot charge whatever they want because while they are the sole supplier of a product, for many products there are alternatives, including, doing without the good or service. For example, say 95% of the population makes $40,000 or less per year, a landline monopoly (where there aren't even cell phones or internet) cannot charge over $40,000 a year for a phone line because people will simply do without ...
This solution provides an assessment of two statement made about monopolies.