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प्रश्न
Following is not the feature of perfect competition:
विकल्प
Very large number of buyers and sellers
Homogeneous product
Free entry or exit of firms
Selling costs
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उत्तर
Selling costs
Explanation:
Under perfect competition, there are no selling costs since the items are homogeneous and the same across enterprises. Firms do not need to differentiate or sell their products because they are all the same, and consumers are well-informed.
संबंधित प्रश्न
Which two forms of market earn normal profit in the long run?
Justify the following statement with any two valid arguments. 'In a perfect competition market structure, an individual firm does not have any role in determining price’.
Match the following and select the correct option:
| Column I | Column II | ||
| (i) | Perfect competition | (A) | Differentiated Products |
| (ii) | Monopoly | (B) | Few large firms |
| (iii) | Monopolistic Competition | (C) | Single seller |
| (iv) | Oligopoly | (D) | Homogeneous products |
Indian Oil Corporation Limited is an example of a/an ______.
Read the given statements carefully and select the correct option.
- The number of sellers under oligopoly are small.
- In monopolistically competitive markets, buyers and sellers have perfect knowledge about the market conditions.
Identify the market form for seller A on the basis of the following information:
| Units of output sold | Price offered by seller A in ₹ |
| 30 | 10 |
| 40 | 10 |
| 50 | 10 |
Read the following statements carefully and choose the correct alternative:
Assertion (A): Price discrimination is possible under monopoly.
Reason (R): A monopolist can charge different prices in different markets because different sets of consumers - rich and poor - have different price elasticity of demand for the monopolist's product.
Read the following statements carefully and choose the correct alternative:
Assertion (A): Under Perfect Competition, each firm faces a perfectly elastic demand curve.
Reason (R): Firm is a price maker under perfect competition.
Mention two features of monopoly.
Give an example of monopsony.
State two important characteristics of monopoly.
Identify the market form for the following:
Perfectly elastic demand.
Identify the market form for the item given below:
Product differentiation
Which type of market structure is the following? Give reason.
Mobile phone services
Which type of market structure is the following? Give reason.
Jeans
Monopolistic competition is the perfect blending of monopoly and perfect competition. Explain.
What do you mean by homogeneous products?
What is the effect on price when a perfectly competitive firm tries to sell more?
In what respects does oligopoly differ from monopoly?
Identify the market form from the following:
A few large sellers
