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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
In which type of market price discrimination is practiced? Explain with an example.
Explain three features of Perfect competitive market.
How is Perfect competitive market is different from a monopoly market?
Imperfect knowledge is a characteristic feature of:
The market structure which is characterised by a single producer of a commodity and when there are not close substitutes for that commodity:
Define monopolistic competition.
Which type of market structure is the following? Give reason.
Ball-pen
What does perfectly elastic demand curve faced by a competitive firm indicate?
There is inverse relation between price and demand for the product of a firm under ______.
Name the characteristic which makes monopolistic competition different from perfect competition.
