Under which of the following forms of market structure does a firm have no control over the price of its product?

Monopoly

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Monopolistic competition

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Oligopoly

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Perfect competition

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Solution

The correct option is D Perfect competition
Perfect competition is a type of market where there are huge number of buyers and sellers who deals in the same type of product due to which no individual unit is able to influence the price of the product
And the firm have to quote the price that prevails in the market. Therefore, they are the price taker.

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