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प्रश्न
Statement (1): In monopoly, there is only one seller and many buyers.
Statement (2): Under perfect competition, firms are free to exit and enter the market at any point of time.
पर्याय
Statement 1 is true and Statement 2 is false.
Statement 2 is true and Statement 1 is false.
Both the statements are true.
Both the statements are false.
MCQ
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उत्तर
Both the statements are true.
Explanation:
- Statement (1): A monopoly market structure is defined by a single seller who has complete control over the industry supply, leaving a large number of buyers with no other options.
- Statement (2): Perfect competition gives absolute freedom of entry and departure. This assures that new firms can enter the market if existing firms achieve above-average profits, while struggling enterprises can exit without experiencing any legal or economic barriers.
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