The following table shows the units of the output sold at different price levels by Gizmo's Inc. Table 10.1
According to Table 10.1, Gizmo's cannot be:

Question

The following table shows the units of the output sold at different price levels by Gizmo's Inc. Table 10.1
 According to Table 10.1, Gizmo's cannot be:

Quizplus · Accepted Answer

Gizmo's cannot be a perfectly competitive firm as it has some control over the price of its output since increasing the price results in a decrease in the quantity demanded. However, it also cannot be a monopoly, oligopolistic firm, or monopolistically competitive firm since there are other firms in the market producing similar goods, and Gizmo's does not have enough market power to control the market price. Furthermore, Gizmo's is not a monopsonist as it is a seller of goods, not a buyer of goods.

The Following Table Shows the Units of the Output Sold