Question : In which among the following markets does a firm not exercise control over price?
Option 1: Mixed competition
Option 2: Monopoly
Option 3: Oligopoly
Option 4: Perfect competition
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Correct Answer: Perfect competition
Solution : The correct answer is Perfect competition .
A company does not have pricing control over its goods in a perfectly competitive market. Perfect competition is a market system that is distinguished by many essential characteristics. There are countless tiny enterprises in a completely competitive market, each producing similar or homogenous items. These companies have little market power and are classified as price takers, which means they must accept the market price as it is and cannot change it with their activities.
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