Respuesta :
Answer: He can set a high price because consumers have no competition to turn to.
Louis can be benefitted by having a monopoly and having substantial control over prices as he is the only producer in the market.
What do you mean by a market?
A market refers to the regular gathering of people for selling and purchasing commodities and provisions.
A monopoly is a market structure where a single producer can supply a unique product having no close substitutes.
Therefore, Louis can have substantial control over prices as he is the only producer in the market.
Learn more about the market here:
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