Question : In which of the following market forms, a firm does not exercise control over price?
Option 1: Monopoly
Option 2: Perfect competition
Option 3: Oligopoly
Option 4: Monopolistic competition
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Correct Answer: Perfect competition
Solution : The correct option is Perfect competition .
Perfect competition is an ideal type of market structure where all producers and consumers have full and symmetric information and no transaction costs. There are a large number of producers and consumers competing with one another in this kind of environment.
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