Practicing Success

Target Exam

CUET

Subject

Economics

Chapter

Micro Economics: Non Competitive markets

Question:
Seller has no control over its product’s price. Which market structure can it possibly belong to?
Options:
Perfect competition
Monopoly
Monopolistic competition
Oligopoly
Correct Answer:
Perfect competition
Explanation:
In a perfect competition there are a larger number of buyers and sellers. So no single firm can influence the market price. They are the price takers. This means firms in perfect competition have no control over their price.