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प्रश्न
Give two characteristics of perfect competition.
State two characteristics of perfect competition.
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उत्तर
- There are a very large number of buyers and sellers.
- Products sold by different sellers are homogenous.
- Firms are free to enter or exit the industry (or market).
- Buyers and sellers have perfect knowledge about the market conditions.
Notes
Students should refer to the answer according to their questions.
संबंधित प्रश्न
Discuss any two features of a monopolistically competitive market.
How is Perfect competitive market is different from a monopoly market?
A monopolist is price maker:
Identify the market form for the following:
Perfectly elastic demand.
Identify the market form for the item given below:
A single seller
Name the market in which there is a single buyer and many sellers.
Define monopoly.
Which type of market structure is the following? Give reason.
Mobile phone services
Which type of market structure is the following? Give reason.
Jeans
Which feature best distinguishes monopolistic competition from perfect competition?
