If the demand curve facing a firm is sharply downward-sloping; the firm is likely to be?

A. a monopolistic competitor as it can have a limited influence on the price
B. a monopolist as it can have a great influence on price
C. a perfect competitor as it cannot influence the market price
D. an oligopolist as it can collide with other firms to have some influence on price

Correct Answer:

Option B = a monopolist as it can have a great influence on the price