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Question
A seller cannot influence the market price under:
Options
Perfect competition
Monopoly
Monopolistic competition
All the above
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Solution
Perfect competition
Explanation:
Under perfect competition, a seller cannot affect market price because there are many buyers and sellers, and each firm is a price taker. The market price is decided by the entire supply and demand in the market, and individual businesses must accept it for their goods.
RELATED QUESTIONS
Discuss any two features of a monopolistically competitive market.
When products are differentiated on the basis of advertisements, brand names etc., it is called as ______.
Indian Railways is an example of ______.
Indian Oil Corporation Limited is an example of a/an ______.
Match the following and select the correct option.
| Column I | Column II | ||
| (i) | Perfectly elastic demand | (A) | Oligopoly |
| (ii) | Less elastic demand | (B) | Monopolistic competition |
| (iii) | More elastic demand | (C) | Perfect competition |
| (iv) | Indeterminate demand | (D) | Monopoly |
Which one of the following is NOT found in a perfectly competition market?
The market structure which is characterised by a single producer of a commodity and when there are not close substitutes for that commodity:
Which of the following is the least competitive market?
Producers in a monopoly are price makers. Briefly explain.
Define oligopoly.
Give two characteristics of perfect competition.
Define product differentiation.
Identify the market form for the following:
Railways in India.
Identify the market form for the item given below:
A single seller
Which type of market structure is the following? Give reason.
Lipstick
Monopolistic competition is the perfect blending of monopoly and perfect competition. Explain.
To which market is price discrimination relevant?
What is the effect on price when a monopoly firm tries to sell more?
Mention one feature of a monopoly market.
Why an individual firm under perfect competition cannot influence the market price?
