State whether the following statements are true or false. Rewrite if t

1.	State whether the following statements are true or false. Rewrite if they are wrong:(a) The products in perfect competitive market are homogenous.(b) Seller in monopoly is a price taker. (c) Price leadership is an important feature of monopolistic competition. (d) Selling cost is a feature of monopoly.(e) Price discrimination under monopoly is always profitable.(f) Market in which there is only one buyer is called duopoly.
Answer» (a) True (b) False – price maker (c) False – a feature of Oligopoly (d) False – a feature of monopolistic competition (e) True (f) False – called monopsony

State whether the following statements are true or false. Rewrite if they are wrong:(a) The products in perfect competitive market are homogenous.(b) Seller in monopoly is a price taker. (c) Price leadership is an important feature of monopolistic competition. (d) Selling cost is a feature of monopoly.(e) Price discrimination under monopoly is always profitable.(f) Market in which there is only one buyer is called duopoly.

Answer»

(a) True

(b) False – price maker

(d) False – a feature of monopolistic competition

(e) True

(f) False – called monopsony