In a monopolistic market, it is true that a firm can set its price without considering the demand for its product, because it has no competitors.

In a monopolistic market, a single firm controls the entire supply of a product, which means it doesn't have to compete with other companies. Because of this, the firm can set its prices higher than what they would be in a competitive market, where many companies are trying to attract customers. However, the firm still needs to consider demand; if it sets the price too high, fewer people will buy the product, and it could lose profits. For example, if a company sells a unique type of medication that no one else offers, it can charge a high price, but if the price is too steep, patients might not buy it at all. Therefore, while the firm has more control over pricing, it still must pay attention to how much customers are willing to pay.