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Across the four market types, the degree of a firm's control over price is described in the features table as:
ANone under perfect competition and very considerable under monopoly
BVery considerable under perfect competition and none under monopoly
CSome under perfect competition and none under oligopoly
DNone under monopoly and very considerable under perfect competition
Answer & Solution
Correct answer: A. None under perfect competition and very considerable under monopoly
1. The features table records degree of control over price as None for perfect competition.
2. It records Some for both monopolistic competition and oligopoly.
3. It records Very considerable for monopoly, the single seller.
4. Option B and option D reverse these extremes, and option C mislabels oligopoly as none, so all three are wrong.
5. Only option A pairs the extremes correctly: None under perfect competition, very considerable under monopoly.
_Source: ICAI BoS CA Foundation Paper 4 Business Economics, Ch 4 Unit I "Meaning and Types of Markets", p.5_
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