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Indian Economy - Understanding the basics of Indian economic system
Under which market form, a firm is a price taker?
Perfect competition
Monopoly
Oligopoly
Monopolistic competition
Option (1) is correct. Explanation: Perfect competition is a in which there are large number of buyers and sellers. Each seller has a very small proportion in the market. And since the share of each seller in the market is less. Market forces of demand and supply decide the equilibrium price and equilibrium quantity in the industry and that price is taken by each firm in the perfect competition. Hence, firm is a price taker.
By: Parvesh Mehta ProfileResourcesReport error
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