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Assumptions about Perfectly Competitive Markets

In which form...

Question

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

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 D Monopoly
Monopoly market is characterized to have a single seller of the commodity with no substitutes. Thus, the monopolist has full control over the pricing of the product.

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