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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
Define Discriminating Monopoly.
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’.
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Marginal revenue of a firm is constant throughout under:
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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.
Define perfect competition.
Define monopolistic competition.
Define product differentiation.
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What is the effect on price when a perfectly competitive firm tries to sell more?
Name the market which has characteristics both of monopoly and perfect competition.
