In an imperfectly competitive industry
A) a single firm has no control over the price of its output.
B) a single firm has some control over the price of its output.
C) a single firm will be able to sell all of its output at whatever price it wants to charge.
D) the government will always regulate the output price.

Question

Quizplus · Accepted Answer

In an imperfectly competitive industry, individual firms have some degree of market power, which allows them to influence the price of their output to some extent, unlike in perfect competition where firms are price takers.

In an Imperfectly Competitive Industry