A model in which individual producers act as price setters,because there are only a few sellers and the product they sell is not standardized,is called
A)imperfect competition.
B)perfect competition.
C)monopoly.
D)monopsony.

Question

Quizplus · Accepted Answer

The description provided in the question matches that of imperfect competition, where a small number of producers have the power to set prices due to product differentiation. In contrast, perfect competition has a large number of small firms, and monopoly has only one seller. Monopsony is a situation where there is only one buyer in the market.

A Model in Which Individual Producers Act as Price Setters,because