In which of the following market forms, a firm does not exercise control over prices?a)Monopolyb)Perfect competitionc)Oligopolyd)Monopolistic competitionCorrect answer is option 'B'. Can you explain this answer?

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In which of the following market forms, a firm does not exercise control over prices?

a)
Monopoly
b)
Perfect competition
c)
Oligopoly
d)
Monopolistic competition

Correct answer is option 'B'. Can you explain this answer?

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In which of the following market forms, a firm does not exercise cont...

Perfect competition is a market structure in which the following five criteria are met:

1) All firms sell an identical product;

2) All firms are price takers - they cannot control the market price of their product;

3) All firms have a relatively small market share;

4) Buyers have complete information about the product being sold and the prices charged by each firm; and

5) The industry is characterized by freedom of entry and exit. Perfect competition is sometimes referred to as "pure competition".

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In which of the following market forms, a firm does not exercise control over prices?a)Monopolyb)Perfect competitionc)Oligopolyd)Monopolistic competitionCorrect answer is option 'B'. Can you explain this answer?

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