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प्रश्न
Following is the feature of perfect competition:
पर्याय
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
Define Discriminating Monopoly.
How is Perfect competitive market is different from a monopoly 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.
The monopolist's downward sloping demand curve means that it can increase sales only by changing a lower price.
Imperfect knowledge is a characteristic feature of:
Which of the following market types has the fewest number of firms?
Match the following:
| Column I | Column II | ||
| A. | Monopoly | (i) | Availability of close substitutes |
| B. | Oligopoly | (ii) | Absence of close substitutes |
| C. | Perfect competition | (iii) | Few large sellers |
| D. | Monopolistic competition | (iv) | Homogeneous products |
Match the following:
| Column I | Column II | ||
| A. | Demand curve under perfect competition | (i) | Indeterminate demand curve |
| B. | Demand curve under monopoly | (ii) | Downward sloping but less elastic |
| C. | Demand curve under monopolistic competition | (iii) | Horizontal straight line |
| D. | Demand curve under oligopoly | (iv) | Elastic demand curve |
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.
Producers in a monopoly are price makers. Briefly explain.
Give two characteristics of perfect competition.
Identify the market form of the following:
Goods sold are homogeneous.
Identify the market form of the following:
Motor car market in India.
Give an example of monopoly.
Discuss any four differences between monopoly and monopolistic competition.
Why can a monopolist charge different prices in different markets?
What is the effect on price when a perfectly competitive firm tries to sell more?
Identify the market form from the following.
Price discrimination
Name the characteristic which makes monopolistic competition different from perfect competition.
