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Question

In which form of the market structure does the firm have a very large degree of control over the price of its product?

A
Monopoly
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B
Imperfect Competition
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C
Oligopoly
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D
Perfect competition
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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.

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