Question

State whether the following statements are True or False with reasons: 

 There are advertisements of commodities in perfect competition.

Answer 1

False, there are no advertisements of commodities in perfect competition.
Explanation:
In a perfect competition, there exist homogenous goods which are same in size, quantity, quality, shape, taste, etc. Thus, there is no need to advertise such products as all the consumers and the producers have perfect knowledge of the market factors.