Advertisements
Advertisements
प्रश्न
"The price of a product under perfect competition is determined by an individual seller."
विकल्प
True
False
Advertisements
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.
APPEARS IN
संबंधित प्रश्न
Which of these feature's is found in both a perfectly competitive market and a monopolistically competitive market?
Which of the following statements are true?
- Monopolistically competitive markets have high selling costs.
- Monopolistically competitive markets sell homogeneous goods.
- Any firm can start a business in a monopolistically competitive market.
Imperfect knowledge is a characteristic feature of:
Identify the market form for seller A on the basis of the following information:
| Units of output sold | Price offered by seller A in ₹ |
| 30 | 10 |
| 40 | 10 |
| 50 | 10 |
Which of the following is the least competitive market?
Define monopsony.
Why is there no need for selling cost under perfect competition?
Define monopoly.
What is meant by barriers to entry?
What is the effect on price when a monopoly firm tries to sell more?
