Q76
In which form of the market structure is the degree of control over the price of its product by a firm very large?
A.
Monopoly
AnswerB.
Imperfect condition
C.
Oligopoly
D.
Perfect competition
Answer: Option A
Solution
Answer: Option A
Solution:
In Monopoly market structure the degree of control over the price of its product by a firm very large. In a monopoly type of market structure, there is only one seller, so a single firm will control the entire market. It can set any price it wishes since it has all the market power.