3
Question
In which form of the market structure does the firm have a very large degree of control over the price of its product?
In which form of the market structure does the firm have a very large degree of control over the price of its product?
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Solution
The correct option is A Monopoly
A monopoly is a situation where there is only a single seller who sells products which are not close substitutes of each other.Owner also has a full control over the prices of the product. Hence, in the monopoly form of the firm, the market structure have a very large degree of control over the price of its product.
A monopoly is a situation where there is only a single seller who sells products which are not close substitutes of each other.Owner also has a full control over the prices of the product. Hence, in the monopoly form of the firm, the market structure have a very large degree of control over the price of its product.
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