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प्रश्न
Explain three features of Perfect competitive market.
संक्षेप में उत्तर
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उत्तर
- Homogeneous products: In this market, enterprises sell homogeneous or identical products. Consumers perceive no difference in products given by different merchants on the market.
- Free entry and exit: There are no obstacles preventing new firms from entering the market. Similarly, there are no obstacles to leaving. Firms have the option to exit the market if they are unable to generate enough revenue to cover their costs.
- Large numbers and sellers: In this market, there exists a significant number of both buyers and sellers. No buyers or sellers have the power to influence the demand and supply, respectively.
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संबंधित प्रश्न
When products are differentiated on the basis of advertisements, brand names etc., it is called as ______.
The image above shows a departmental store of a market structure.
- Identify the form of market as observed from the above image.
- Discuss the features of this market form with respect to:
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- Entry and exit of firms
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Match the following:
| Column I | Column II | ||
| A. | Monopoly | (i) | Availability of close substitutes |
| B. | Oligopoly | (ii) | Absence of close substitutes |
| C. | Perfect competition | (iii) | Few large sellers |
| D. | Monopolistic competition | (iv) | Homogeneous products |
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