[amp_mcq option1=”a-4, b-3, c-2, d-1″ option2=”a-1, b-2, c-3, d-4″ option3=”a-2, b-4, c-1, d-3″ option4=”a-3, b-1, c-4, d-2″ correct=”option1″]<\/p>\n
The correct answer is: A. a-4, b-3, c-2, d-1<\/strong><\/p>\n Perfect competition<\/strong> is a market structure in which there are many buyers and sellers of a homogeneous product, and no one buyer or seller has a significant impact on the market price. In a perfectly competitive market, firms are price-takers, meaning that they must accept the market price for their product. This is because there are so many firms in the market that any one firm’s output is a small fraction of the total market output. As a result, a firm cannot increase its sales by lowering its price, and it cannot decrease its costs by raising its price.<\/p>\n Monopolistic competition<\/strong> is a market structure in which there are many buyers and sellers of a differentiated product. A differentiated product is one that is perceived by consumers as being different from the products of other firms. In a monopolistically competitive market, firms have some control over the price of their product, but they are not price-makers like firms in a monopoly market. This is because consumers are willing to pay different prices for different products. As a result, firms in a monopolistically competitive market can charge a price that is above marginal cost, but they cannot charge a price that is too high, or consumers will switch to the products of other firms.<\/p>\n Oligopoly<\/strong> is a market structure in which there are a few large firms that sell a homogeneous or differentiated product. In an oligopolistic market, firms have a significant impact on the market price. This is because there are so few firms in the market that any one firm’s output can have a large impact on the total market output. As a result, firms in an oligopolistic market are not price-takers, and they must take into account the reactions of their rivals when they set their prices.<\/p>\n Discriminating monopoly<\/strong> is a type of monopoly in which a firm charges different prices to different consumers for the same product. This is possible because the firm has some control over the price of its product. Discriminating monopolies can arise when firms are able to segment the market into different groups of consumers who have different willingness to pay for the product.<\/p>\n List-I<\/strong> List-II<\/strong> [amp_mcq option1=”a-4, b-3, c-2, d-1″ option2=”a-1, b-2, c-3, d-4″ option3=”a-2, b-4, c-1, d-3″ option4=”a-3, b-1, c-4, d-2″ correct=”option1″]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"class_list":["post-48762","post","type-post","status-publish","format-standard","hentry","category-economics","no-featured-image-padding"],"yoast_head":"\n
\na. Perfect competition 4. Identical product
\nb. Monopolistic competition 3. Product differentiation
\nc. Oligopoly 2. Dominant strategy
\nd. Discriminating monopoly 1. Different prices for the same product<\/p>\n","protected":false},"excerpt":{"rendered":"