A monopoly sells its good in the United​ States, where the elasticity of demand is −2.5​, and in​ Japan, where the elasticity of demand is −5.3. Its marginal cost is ​$7. At what price does the monopoly sell its good in each country if resales are​ impossible? The price in the United States is ​$_____. (Round your answer to the nearest​ penny.) The price in Japan is ​$____. ​ (Round your answer to the nearest​ penny.

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Monopoly Market

When a company and its products dominate a sector or an industry, it is termed a monopoly. When a firm and its products control a market, then it is called a monopoly.