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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
Explain three features of Perfect competitive market.
'Homogeneous products' is a characteristic of ______.
Marginal revenue of a firm is constant throughout under:
Match the following and select the correct option:
| Column I | Column II | ||
| (i) | Perfect competition | (A) | Differentiated Products |
| (ii) | Monopoly | (B) | Few large firms |
| (iii) | Monopolistic Competition | (C) | Single seller |
| (iv) | Oligopoly | (D) | Homogeneous products |
Pick the option which does not belong to the group.
Which one of the following is NOT found in a perfectly competition market?
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 |
What is meant by pure competition?
There are no substitute goods in a monopoly market. Give a reason to support your answer.
Define product differentiation.
Identify the market form of the following:
Goods sold are homogeneous.
Identify the market form of the following:
Motor car market in India.
Define monopoly.
What induces new firms to enter an industry?
Identify the market form from the following.
Firm is a price maker.
There are a large number of buyers and sellers under a ______ market.
Why do producers incur high selling costs in an imperfect market?
Name the characteristic which makes monopolistic competition different from perfect competition.
Which of the following is an example of a perfectly competitive market?
Which feature best distinguishes monopolistic competition from perfect competition?
