How Does a Monopoly Have Complete Control Over the Price

question 214

Short Answer

How does a monopoly have complete control over the price of its product?

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Definitions:

Liquidated Damages

A predetermined amount of money that must be paid as damages for failure to perform under a contract, agreed upon when the contract is formed.

Special Damages

Compensation awarded for specific, quantifiable financial losses incurred due to an injury or breach of contract.

Remedy Limitation

A legal principle specifying the conditions or time frames within which a remedy, such as filing a lawsuit or making a claim, must be initiated.

Prima Facie Unconscionable

A legal term indicating that an agreement or term appears, at first sight, to be excessively unfair or unjust.