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

Economics- Phase (I & II) Demand and Supply , Market Structures

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

- Monopoly:

- A single firm dominates; it has significant control over the price.

- There's no close substitute for the product.

- Monopolistic competition:

- Many firms compete, but each has some control over its prices due to product differentiation.

- Oligopoly:

- A few firms dominate, leading to some price control based on strategic interactions.

- Perfect competition:

- Many firms exist, none having influence over market price.

- Products are homogeneous and firms accept the market-determined price.

Correct Answer: Option 4 - Perfect competition

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