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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
Identify the market having a single buyer and many sellers from the following:
What is the shape of the demand curve faced by any monopoly firm? Support your answer with a diagram.
Following is the feature of perfect competition:
'A few big sellers' is a characteristic of ______.
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 |
Read the following statements carefully and choose the correct alternative:
Assertion (A): Buyers are ready to pay different prices for the product produced by different firms under perfect competition.
Reason (R): The products offered for sale in the perfect market are homogeneous.
What is meant by pure competition?
Give three points of difference between perfect competition and monopoly.
Define oligopoly.
With the help of an example explain the meaning of price discrimination.
