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Questions
In which market form is the firm a price taker?
In which of the following markets, the forms are price-taker?
In which of the market forms, a firms is price-taker?
Options
Money market
Monopoly
Perfect competition
Capital market
Monopolistic competition
None of these
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Solution
Perfect competition
Explanation:
In a perfectly competitive market, firms are price-takers because:
- There are many sellers offering identical products.
- No single firm can influence the market price.
- The price is determined by market demand and supply.
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