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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
What is the shape of the demand curve faced by any monopoly firm? Support your answer with a diagram.
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- Monopolistically competitive markets sell homogeneous goods.
- Any firm can start a business in a monopolistically competitive market.
Define perfect competition.
Define monopsony.
Identify the market form of the following:
Motor car market in India.
Identify the market form for the following:
Telecom industry in India.
Define monopoly.
Which type of market structure is the following? Give reason.
Soft drinks
Give two examples of a monopolistically competitive market.
There is inverse relation between price and demand for the product of a firm under ______.
