A monopolist creates a deadweight loss to society because it produces less output than the socially optimal amount. And it`s a true statement.
Definition: A market system in which there is just one seller and that seller offers a singular product to the market. Due to the seller's exclusivity and lack of a close alternative, there is no competition in a monopoly market.
In a market with a monopoly, one organisation is the only supplier of commodities due to variables such as a government license, resource ownership, copyright, and patents, as well as high startup costs. The admission of more vendors into the market is constrained by all of these reasons. Monopolies also have some knowledge that other suppliers do not.
A single seller becomes both the market controller and the price setter due to characteristics of a monopoly market. He takes pleasure in having the ability to decide the price for his items.
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