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प्रश्न
"The price of a product under perfect competition is determined by an individual seller."
पर्याय
True
False
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उत्तर
This statement is False.
Explanation:
Under perfect competition, an individual seller does not determine the price of a product. Instead, the price is set by market forces such as supply and demand. Individual sellers are price takers, meaning they must accept the market price and cannot change it independently.
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संबंधित प्रश्न
When products are differentiated on the basis of advertisements, brand names etc., it is called as ______.
How is Perfect competitive market is different from a monopoly market?
'Homogeneous products' is a characteristic of ______.
A monopolist is price maker:
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:
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 |
What is meant by pure competition?
Give three points of difference between perfect competition and monopoly.
Discuss any four differences between monopoly and monopolistic competition.
In which market form is there a single seller and no close substitutes for the product?
