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प्रश्न
Products sold by each firm in a perfectly competitive market are perfect substitutes of each other.
पर्याय
True
False
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उत्तर
This statement is True.
Explanation:
In a completely competitive market, all firms sell identical items, which means they are perfect substitutes for one another. Consumers consider items from different companies as unrelated, with no differences in quality or features.
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संबंधित प्रश्न
The image above shows a departmental store of a market structure.
- Identify the form of market as observed from the above image.
- Discuss the features of this market form with respect to:
- Type of product
- Entry and exit of firms
- Selling cost
How is Perfect competitive market is different from a monopoly market?
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 |
Mention two features of monopoly.
Identify the market form for the item given below:
Product differentiation
Which type of market structure is the following? Give reason.
Lipstick
Which type of market structure is the following? Give reason.
Ball-pen
Which market form has the least number of producers?
In what respects does oligopoly differ from monopoly?
Name the characteristic which makes monopolistic competition different from perfect competition.
