Monopoly pricing refers to the strategy employed by a monopolist to set prices for goods or services above the competitive market level, maximizing their profits due to the lack of competition. This pricing approach takes advantage of the monopolist's control over the market, allowing them to influence supply and demand dynamics to achieve higher prices. By doing so, monopolists can generate significant profit margins that would not be possible in a more competitive marketplace.
congrats on reading the definition of monopoly pricing. now let's actually learn it.