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प्रश्न
Following is the feature of perfect competition:
विकल्प
Product differentiation
Homogeneous product
Barriers to entry
Less elastic
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उत्तर
Homogeneous product
Explanation:
In perfect competition, all firms supply a homogeneous product, which means that the items produced by different enterprises appear identical to consumers. There is no product differentiation, and customers don't favour one company's goods over another.
संबंधित प्रश्न
How is Perfect competitive market is different from a monopoly market?
Marginal revenue of a firm is constant throughout under:
A seller cannot influence the market price under:
There is no difference between perfect competition and pure competition.
Read the following statements carefully and choose the correct alternative:
Assertion (A): Buyers are ready to pay different prices for the product produced by different firms under perfect competition.
Reason (R): The products offered for sale in the perfect market are homogeneous.
Give three points of difference between perfect competition and monopoly.
Define monopolistic competition.
Give two characteristics of perfect competition.
To which market is product differentiation relevant?
In which form of market is the seller a price taker? Justify your answer.
Name the market in which there is a single buyer and many sellers. Give an example.
Define monopoly.
Give an example of monopoly.
Explain the main characteristics of a monopoly.
What is meant by barriers to entry?
Mention one feature of a monopoly market.
Why do producers incur high selling costs in an imperfect market?
Which statement correctly describes monopsony?
