Business, 20.10.2020 02:01 cjkc

Louis has created an innovation that will greatly improve the health of millions of people. It has been tested and approved and is ready to sell. Because he is the only one producing this new good, he doesn’t have to settle for the price he would have to accept in perfect competition. Once word gets out about his new device, the demand for it greatly increases. So, he decides to charge a higher price for his good because there are no existing competitors to undercut his price. What benefit does Louis have as the only producer in the market?

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