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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?
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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.
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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
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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?
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