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Question
In which of the market forms, an individual firm is price-maker (price seller)?
Options
perfect competition
monopoly only
both monopoly and monopolistic competition
none of these
MCQ
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Solution
Both monopoly and monopolistic competition
Explanation:
In both monopoly and monopolistic competition, firms have some degree of control over the price due to product differentiation. In a monopoly, the firm is the only seller, while in monopolistic competition, firms sell differentiated products and can influence the price within their market segment.
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