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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
Following is not the feature of perfect competition:
The market structure which is characterised by a single producer of a commodity and when there are not close substitutes for that commodity:
Which of the following is the least competitive market?
Read the following statements carefully and choose the correct alternative:
Assertion (A): Price discrimination is possible under monopoly.
Reason (R): A monopolist can charge different prices in different markets because different sets of consumers - rich and poor - have different price elasticity of demand for the monopolist's product.
There are no substitute goods in a monopoly market. Give a reason to support your answer.
Define monopsony.
State the market form of the following commodity.
Automobiles
Identify the market form for the item given below:
Product differentiation
Define monopoly.
What does perfectly elastic demand curve faced by a competitive firm indicate?
