In which of the following industry models are the individual firms not price takers?

Question

Quizplus · Accepted Answer

In both oligopoly and monopolistic competition, individual firms have some degree of control over the price they charge for their products. In an oligopoly, a small number of firms dominate the market and their pricing decisions can affect the entire industry. In monopolistic competition, firms can differentiate their products and hence have some pricing power. In contrast, in perfect competition, individual firms are price takers and have no influence on the market price.

In Which of the Following Industry Models Are the Individual