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प्रश्न
Explain the following feature of perfect competition:
Homogeneous products
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उत्तर
Homogeneous products refer to those products which are identical in quality, shape, size, colour, design, packing, etc. They are identical in the eyes of their buyers. Thus, buyers have no bias towards any particular seller. They find no reason to prefer the product of one seller to the product of another seller. No seller can increase the price of his product because the goods they sell are the same. If he does so, he will lose all his customers. Nor will anyone sell the product at a price lower than the market price. Why should anyone sell at a lower price when he can sell at a higher price? It is because of this feature that firms are able to earn only normal profits.
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संबंधित प्रश्न
Assertion (A): In perfect competition, price is determined by the forces of demand and supply.
Reasoning (R): The number of buyers and sellers is so large that one person can not influences prices.
Homogeneous product is a feature of this market.
- Monopoly
- Monopolistic competition
- Perfect competition
- Oligopoly
Homogeneous product is a feature of this market.
- Monopoly
- Monopolistic competition
- Perfect competition
- Oligopoly
Homogeneous product is a feature of this market.
- Monopoly
- Monopolistic competition
- Perfect competition
- Oligopoly
Homogeneous product is a feature of this market.
- Monopoly
- Monopolistic competition
- Perfect competition
- Oligopoly
With reference to Perfect competition form of market, choose the odd one out.
______ is relevant to perfect competition.
Explain the following feature of perfect competition:
Large number of buyers and sellers
In which market form are goods sold at a uniform price?
In a perfectly competitive market, an individual firm is called a price taker because ______.
