Asked by Hannah Koldin on Jun 23, 2024
Verified
There would be some control over price within rather narrow limits in which market model?
A) monopolistic competition
B) pure competition
C) pure monopoly
D) oligopoly
Control Over Price
The ability of a firm or entity to influence the market price of its product or services.
Monopolistic Competition
A market structure where many firms offer products that are similar but not perfect substitutes, leading to competitive pricing and marketing strategies.
Oligopoly
A market structure characterized by a small number of firms controlling a large portion of the market share, often leading to less competition and higher prices.
- Identify market models based on the level of price control within the industry.
Verified Answer
LW
La'Kia Wright AdamsJun 30, 2024
Final Answer :
A
Explanation :
In a monopolistic competition market model, firms have some control over their prices due to product differentiation, but this control is within narrow limits because of the presence of many competitors offering similar, but not identical, products.
Learning Objectives
- Identify market models based on the level of price control within the industry.