Advertisements
Advertisements
प्रश्न
Explain the following feature of perfect competition:
Homogeneous products
Advertisements
उत्तर
Homogeneous products refer to those products which are identical in quality, shape, size, colour, design, packing, etc. They are identical in the eyes of their buyers. Thus, buyers have no bias towards any particular seller. They find no reason to prefer the product of one seller to the product of another seller. No seller can increase the price of his product because the goods they sell are the same. If he does so, he will lose all his customers. Nor will anyone sell the product at a price lower than the market price. Why should anyone sell at a lower price when he can sell at a higher price? It is because of this feature that firms are able to earn only normal profits.
APPEARS IN
संबंधित प्रश्न
Complete the Correlation:
Price taker : ______ :: Price maker :: Monopoly.
Assertion (A): In perfect competition, price is determined by the forces of demand and supply.
Reasoning (R): The number of buyers and sellers is so large that one person can not influences prices.
Homogeneous product is a feature of this market.
- Monopoly
- Monopolistic competition
- Perfect competition
- Oligopoly
With reference to Perfect competition form of market, choose the odd one out.
Homogeneous product is a feature of this market.
- Monopoly
- Monopolistic competition
- Perfect competition
- Oligopoly
In which market form, marginal revenue is equal to price?
A differentiated product has ______.
______ goods refer to those products which are identical in quality, shape, size, color, etc.
Firms under ______ are free to enter or leave the industry any time.
In a perfectly competitive market, an individual firm is called a price taker because ______.
