A firm that exercises some control over the price it charges is termed a(n)
A) perfect competitor.
B) perfect non-competitor.
C) monopsonist.
D) polyopolist.
E) imperfect competitor.

Question

Quizplus · Accepted Answer

An imperfect competitor is a firm that has some control over the price it charges. This includes monopolistic competition, oligopoly, and monopoly. Perfect competition (A) and monopsony (C) do not involve price control, and perfect non-competition (B) is not a commonly used term in economics. Polyopoly (D) is not a term used to describe a specific type of market structure.

A Firm That Exercises Some Control Over the Price It