CA Foundation Exam > CA Foundation Questions > Under which of the following forms of market ...
Start Learning for Free
Under which of the following forms of market structure does a firm has no control over the price of its product:
- a)Monopoly
- b)Oligopoly
- c)Monopolistic competition
- d)Perfect competition
Correct answer is option 'D'. Can you explain this answer?
| FREE This question is part of | Download PDF Attempt this Test |
Most Upvoted Answer
Under which of the following forms of market structure does a firm has...
Market Structure and Price Control
Market structure refers to the organizational and competitive characteristics of a market. The four main types of market structures are monopoly, oligopoly, monopolistic competition, and perfect competition. In each of these market structures, firms have varying degrees of control over the price of their products.
Perfect Competition
Perfect competition is a market structure in which many small firms sell identical products to many buyers. In this market structure, firms have no control over the price of their product because they are price takers. The price in a perfectly competitive market is determined by the forces of supply and demand. Firms in a perfectly competitive market can only adjust their output to try to maximize their profits.
Characteristics of Perfect Competition
In a perfectly competitive market, the following characteristics are present:
- Large number of buyers and sellers
- Homogeneous products
- Free entry and exit of firms
- Perfect information
- No market power
Conclusion
Firms in a perfectly competitive market have no control over the price of their product because they are price takers. The price in a perfectly competitive market is determined by the forces of supply and demand. Firms in a perfectly competitive market can only adjust their output to try to maximize their profits.
Market structure refers to the organizational and competitive characteristics of a market. The four main types of market structures are monopoly, oligopoly, monopolistic competition, and perfect competition. In each of these market structures, firms have varying degrees of control over the price of their products.
Perfect Competition
Perfect competition is a market structure in which many small firms sell identical products to many buyers. In this market structure, firms have no control over the price of their product because they are price takers. The price in a perfectly competitive market is determined by the forces of supply and demand. Firms in a perfectly competitive market can only adjust their output to try to maximize their profits.
Characteristics of Perfect Competition
In a perfectly competitive market, the following characteristics are present:
- Large number of buyers and sellers
- Homogeneous products
- Free entry and exit of firms
- Perfect information
- No market power
Conclusion
Firms in a perfectly competitive market have no control over the price of their product because they are price takers. The price in a perfectly competitive market is determined by the forces of supply and demand. Firms in a perfectly competitive market can only adjust their output to try to maximize their profits.
Free Test
FREE
| Start Free Test |
Community Answer
Under which of the following forms of market structure does a firm has...
D is the correct answer as in a perfect competition there are no. of sellers selling same product so one seller can't have the control of price of that product there is a same price all over
Attention CA Foundation Students!
To make sure you are not studying endlessly, EduRev has designed CA Foundation study material, with Structured Courses, Videos, & Test Series. Plus get personalized analysis, doubt solving and improvement plans to achieve a great score in CA Foundation.
|
Explore Courses for CA Foundation exam
|
|
Similar CA Foundation Doubts
Top Courses for CA FoundationView all
Under which of the following forms of market structure does a firm has no control over the price of its product:a)Monopolyb)Oligopolyc)Monopolistic competitiond)Perfect competitionCorrect answer is option 'D'. Can you explain this answer?
Question Description
Under which of the following forms of market structure does a firm has no control over the price of its product:a)Monopolyb)Oligopolyc)Monopolistic competitiond)Perfect competitionCorrect answer is option 'D'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Under which of the following forms of market structure does a firm has no control over the price of its product:a)Monopolyb)Oligopolyc)Monopolistic competitiond)Perfect competitionCorrect answer is option 'D'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Under which of the following forms of market structure does a firm has no control over the price of its product:a)Monopolyb)Oligopolyc)Monopolistic competitiond)Perfect competitionCorrect answer is option 'D'. Can you explain this answer?.
Under which of the following forms of market structure does a firm has no control over the price of its product:a)Monopolyb)Oligopolyc)Monopolistic competitiond)Perfect competitionCorrect answer is option 'D'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Under which of the following forms of market structure does a firm has no control over the price of its product:a)Monopolyb)Oligopolyc)Monopolistic competitiond)Perfect competitionCorrect answer is option 'D'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Under which of the following forms of market structure does a firm has no control over the price of its product:a)Monopolyb)Oligopolyc)Monopolistic competitiond)Perfect competitionCorrect answer is option 'D'. Can you explain this answer?.
Solutions for Under which of the following forms of market structure does a firm has no control over the price of its product:a)Monopolyb)Oligopolyc)Monopolistic competitiond)Perfect competitionCorrect answer is option 'D'. Can you explain this answer? in English & in Hindi are available as part of our courses for CA Foundation.
Download more important topics, notes, lectures and mock test series for CA Foundation Exam by signing up for free.
Here you can find the meaning of Under which of the following forms of market structure does a firm has no control over the price of its product:a)Monopolyb)Oligopolyc)Monopolistic competitiond)Perfect competitionCorrect answer is option 'D'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of
Under which of the following forms of market structure does a firm has no control over the price of its product:a)Monopolyb)Oligopolyc)Monopolistic competitiond)Perfect competitionCorrect answer is option 'D'. Can you explain this answer?, a detailed solution for Under which of the following forms of market structure does a firm has no control over the price of its product:a)Monopolyb)Oligopolyc)Monopolistic competitiond)Perfect competitionCorrect answer is option 'D'. Can you explain this answer? has been provided alongside types of Under which of the following forms of market structure does a firm has no control over the price of its product:a)Monopolyb)Oligopolyc)Monopolistic competitiond)Perfect competitionCorrect answer is option 'D'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice Under which of the following forms of market structure does a firm has no control over the price of its product:a)Monopolyb)Oligopolyc)Monopolistic competitiond)Perfect competitionCorrect answer is option 'D'. Can you explain this answer? tests, examples and also practice CA Foundation tests.
|
|
Explore Courses for CA Foundation exam
|
|
Suggested Free Tests
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup