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Question
______ is essential for a market to be called as perfect competition.
Options
Large number of buyers and sellers
Restricted entry and exit
No substitutes
Differentiated goods
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Solution
Large number of buyers and sellers is essential for a market to be called as perfect competition.
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RELATED QUESTIONS
What is meant by Perfect competition?
Homogeneous product is a feature of this market.
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Assertion (A): In perfect competition, price is determined by the forces of demand and supply.
Reasoning (R): The number of buyers and sellers is so large that one person can not influences prices.
Homogeneous product is a feature of this market.
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