Advertisements
Advertisements
प्रश्न
Explain the following feature of perfect competition:
Homogeneous products
Advertisements
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.
APPEARS IN
संबंधित प्रश्न
Homogeneous product is a feature of this market.
- Monopoly
- Monopolistic competition
- Perfect competition
- Oligopoly
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
______ is essential for a market to be called as perfect competition.
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 ______.
Which assumption of perfect competition prevents firms from gaining advantage by advertising?
Which statement best distinguishes perfect competition from pure competition?
