Question : Price and output are determinate in market structure other than:
Option 1: monopoly
Option 2: perfect competition
Option 3: oligopoly
Option 4: monopsony
Correct Answer: perfect competition
Solution : The correct answer is perfect competition .
In market structures other than perfect competition, price and output are determined. There are numerous customers and suppliers in perfect competition, and the product is homogenous. This means that no one buyer or seller has any influence over the market price. The price is determined by the point at which the demand and supply curves cross.
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