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