Question 9 Among the different types of market structures, a ... has the highest market power,...
Question 9
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Among the different types of market structures, a ... has the highest market power, and a .... has no market power.
monopoly, firm in perfect competition
firm in perfect competition, monopoly
firm in an oligopoly, monopoly
firm in perfect competition, firm in an oligopoly
Homework Answers
Question 9
In a perfectly competitive market, there are many sellers in the market and each seller sells identical or homogeneous product, so they are price taker in the market. On the other hand, in monopoly market. There is only one seller in the market and it can charge whatever price and sell any quantity. Hence he has the highest market power in the market. So the answer will be:
A monopoly has the highest market power, and a firm in perfect competition has no market power.
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Question 9
Among the different
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