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Question
A seller cannot influence the market price under:
Options
Perfect competition
Monopoly
Monopolistic competition
All the above
Solution
Perfect competition
Explanation:
Under perfect competition, a seller cannot affect market price because there are many buyers and sellers, and each firm is a price taker. The market price is decided by the entire supply and demand in the market, and individual businesses must accept it for their goods.
RELATED QUESTIONS
In monopolistic competition, there are ______.
Match the following and select the correct option:
| Column I | Column II | ||
| (i) | Perfect competition | (A) | Differentiated Products |
| (ii) | Monopoly | (B) | Few large firms |
| (iii) | Monopolistic Competition | (C) | Single seller |
| (iv) | Oligopoly | (D) | Homogeneous products |
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