Question

A firm in the imperfect competition is:
(a) Price determiner
(b) May affect the price
(c) The value is acceptable
(d) None of these

Answer 1

Answer:

c

Explanation:

the value is acceptable

Answer 2

A firm in imperfect competition is a price determiner.

What are the characteristics of imperfect competition?

• In imperfect competition, the firms charge a high price because the quality of the goods are better
• In this market, there are barriers to enter and exit and it is very difficult for the firm to enter the market
• The price of goods and services are regulated
• There are fewer sellers available in this market
• There are fewer firms present in this market