It is untrue that, in the short term, a complete monopoly will set its product's price at the maximum level that the market will accept.
In the near term, a pure monopolist will set its product's price as high as the market will bear. If the product price is less than the lowest attainable average total cost, a competing firm will always decide to go out of business in the short term.
A single vendor in a market or industry with substantial entry barriers, such as high beginning costs, and no competitors is said to have a pure monopoly.
A monopolist business cannot change all of its factors of production in the near term because its cost curves resemble those of a firm engaged in perfect competition.
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