Under which one of the following forms of market structure does a firm have no control over the pric...........

Under which one of the following forms of market structure does a firm have no control over the price of its product?

Monopoly

Monopolistic competition

Oligopoly

Perfect competition

- Perfect Competition:

- ?? Firms have no control over the price.

- Products are identical, and many buyers and sellers exist.

- Market dictates prices through supply and demand.

- Monopoly:

- Single firm controls the market.

- Firm sets the price, as there's no competition.

- Monopolistic Competition:

- Many firms sell similar but not identical products.

- Some control over pricing due to product differentiation.

- Oligopoly:

- Few firms dominate the market.

- Prices can be influenced by collusion or competition among firms.

Correct Answer: Perfect Competition

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