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Business Studies

Multiple Objectives of Business

9. A firm und...

Question

9. A firm under monopolistic competition cannot influence market price. (true/false)

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Solution

Dear Student
False. A firm under monopolistic competition has partial control over the price owing to product differentiation.
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Q. A firm under monopolistic competition cannot influence market price.

Q. State whether the following statement are TRUE and FALSE.

1. There is no price discrimination under Monopolistic competition.

2. In a monopoly market, firm and industry are the same.

3. Product differentiation is not possible under perfect competition.

4. Under perfect competition, price is determined by equilibrium of demand and supply.

If an individual firm under perfect competition cannot influence the market price, then who can and how?

Q. A monopoly firm can make abnormal profits in the long run, but not a firm under monopolistic competition. Do you agree?

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