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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
Which one of the following is NOT found in a perfectly competition market?
The market structure which is characterised by a single producer of a commodity and when there are not close substitutes for that commodity:
A holiday resort in a remote village is very popular among the tourists. Since the connectivity is very poor with the outer world, the owner employs the local villagers for the functioning of the resort.
This is a case of:
State the advantage of monopolistic competition over monopoly.
Which type of market structure is the following? Give reason.
Scooters
Which type of market structure is the following? Give reason.
Soft drinks
Product differentiation is practised in monopolistic competition? Give reasons.
Name the market which has characteristics both of monopoly and perfect competition.
Name the characteristic which makes monopolistic competition different from perfect competition.
Which of the following is an example of a perfectly competitive market?
