Which of the following Statement is incorrect?

CA Foundation · Business Economics · MTP · January 2026
Which of the following Statement is incorrect?
(A) A. There is no difference between a firm and an Industry
(B) B. The Monopolist may raise the price and restrict the output
(C) C. Heterogeneous product are offered for sale in Perfect Competition
(D) D. In Monopolistic competition product differentiation is peculiar.

Suggested Answer and Working Notes:

Correct Answer: Option (C)

C. Heterogeneous product are offered for sale in Perfect Competition

Topics: Price Determination in Different Markets

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