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Question
A market where homogeneous products are sold with no control over price by an individual firm or a buyer is ______.
Options
Monopolistically competitive market
Perfectly competitive market
Monopoly
Monopsony
Oligopoly
Solution
A market where homogeneous products are sold with no control over price by an individual firm or a buyer is perfectly competitive market.
Explanation:
In a perfectly competitive market, homogeneous products are sold, with neither particular enterprises nor buyers controlling the price. The market's supply and demand structure decides the price, and all enterprises act as price takers.
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| Column I | Column II | ||
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