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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
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’.
Firm A hires the services of Rohit Sharma to act as the Brand ambassador for its products X. Identify the nature of market for commodity X.
Following is not the feature of perfect competition:
'Homogeneous products' is a characteristic of ______.
'A few big sellers' is a characteristic of ______.
A market where homogeneous products are sold with no control over price by an individual firm or a buyer is ______.
Which of these feature's is found in both a perfectly competitive market and a monopolistically competitive market?
Which of the following statements are true?
- Monopolistically competitive markets have high selling costs.
- Monopolistically competitive markets sell homogeneous goods.
- Any firm can start a business in a monopolistically competitive market.
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.
What is meant by pure competition?
Define monopolistic competition.
To which market is product differentiation relevant?
In which form of market do producers and consumers have perfect knowledge about the market conditions?
What is the effect on price when a perfectly competitive firm tries to sell more?
What does perfectly elastic demand curve faced by a competitive firm indicate?
Identify the market form from the following.
Firm is a price maker.
Identify the market form from the following.
Perfect knowledge
There are a large number of buyers and sellers under a ______ market.
In which market form is there a single seller and no close substitutes for the product?
