Which of the following are true-
a) In perfect competition and monopolistic competition, there are large number of buyers and sellers.
b) In monopoly and oligopoly, firms have the power to influence demand and hence price.
a) In perfect competition and monopolistic competition, there are large number of buyers and sellers.
b) In monopoly and oligopoly, firms have the power to influence demand and hence price.
Answer & explanation
Correct answer: option 1
A detailed explanation for this question is coming soon.