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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
Indian Railways is an example of ______.
Products sold by each firm in a perfectly competitive market are perfect substitutes of each other.
There are no substitute goods in a monopoly market. Give a reason to support your answer.
Give an example of monopsony.
State two important characteristics of monopoly.
Define product differentiation.
Give two examples of a monopolistically competitive market.
What induces new firms to enter an industry?
In what respects does oligopoly differ from monopoly?
Which statement correctly describes monopsony?
