ECONOMICS
DEMAND
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Imperfect competition
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Perfect competition
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Monopoly
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In A and B both
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Detailed explanation-1: -Monopoly market is characterized to have a single seller of the commodity with no substitutes. Thus, the monopolist has full control over the pricing of the product.
Detailed explanation-2: -A monopoly is a situation where there is only one owner of the firm. He has a full control over the prices of the product. He can do price discrimination as per his choice. Hence, in a monopoly market, the degree of control over price of the firm is full control.
Detailed explanation-3: -Monopolistic Markets In a monopolistic market, firms are price makers because they control the prices of goods and services. In this type of market, prices are generally high for goods and services because firms have total control of the market.