Under which market structure the control of firm over price is nil ........

Economics- Phase (I & II) Monetary and Fiscal Policy

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Under which market structure, the control of firm over price is nil?

Monopoly

Perfect competition

Oligopoly

Monopolistic Competition

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Explanation:

Perfect competition is a type of market where there are huge number of buyers and sellers who deals in the same type of product due to which no individual unit is able to influence the price of the product. 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. Hence option 2nd is correct.

By: honey kaundal

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Akshaya S

Because he is the single seller, doesn't he has control over the price in a Monopoly market? Shouldn't the answer be Perfect competition?

sibani sweta nayak

Answer should be B

Shubham Tiwari

Corrected

lokesh doifode

incorrect anser

Sumit Kumar

Please review and clarify this.

Akhil

perfect competition

Bilal

It should be perfect competition

Lucky

how come price maker(monopoly) will have no control over price?

JERRY JOHNSON

If there is no competition, firm can mark any price as it wish since customer has no other option than to buy the product since no substitute is available in the market. means firm has control over the price in monopolistic market. right ? so the ans here will be perfect competition or not ?

Hemant Arora

it should be perfect competition