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प्रश्न
"The price of a product under perfect competition is determined by an individual seller."
विकल्प
True
False
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उत्तर
This statement is False.
Explanation:
Under perfect competition, an individual seller does not determine the price of a product. Instead, the price is set by market forces such as supply and demand. Individual sellers are price takers, meaning they must accept the market price and cannot change it independently.
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संबंधित प्रश्न
Identify the market having a single buyer and many sellers from the following:
A market where homogeneous products are sold with no control over price by an individual firm or a buyer is ______.
The monopolist's downward sloping demand curve means that it can increase sales only by changing a lower price.
To which market is product differentiation relevant?
Product differentiation is practised in monopolistic competition? Give reasons.
Why can a monopolist charge different prices in different markets?
What induces new firms to enter an industry?
What is meant by barriers to entry?
What is the difference between collusive and non-collusive oligopoly?
Name the characteristic which makes monopolistic competition different from perfect competition.
