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Questions
Define perfect competition.
Define a perfect market.
Define a perfectly competitive market.
Define perfect competition market.
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Solution
Perfect competition is a form of market in which there are a large number of buyers and sellers and a homogeneous product is sold at a uniform price.
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RELATED QUESTIONS
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“While shopping for fruits in the local market you see many seller selling fruits”. In this context answer the following:
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- State and draw the type of demand curve faced by the market above.
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Marginal revenue of a firm is constant throughout under:
A seller cannot influence the market price under:
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| Column I | Column II | ||
| (i) | Perfect competition | (A) | Differentiated Products |
| (ii) | Monopoly | (B) | Few large firms |
| (iii) | Monopolistic Competition | (C) | Single seller |
| (iv) | Oligopoly | (D) | Homogeneous products |
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There is no difference between perfect competition and pure competition.
Match the following and select the correct option.
| Column I | Column II | ||
| (i) | Perfectly elastic demand | (A) | Oligopoly |
| (ii) | Less elastic demand | (B) | Monopolistic competition |
| (iii) | More elastic demand | (C) | Perfect competition |
| (iv) | Indeterminate demand | (D) | Monopoly |
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A market where homogeneous products are sold with no control over price by an individual firm or a buyer is ______.
Observe the relationship of the first pair of words and complete the second pair.
Single seller in the market : Monopoly
Single buyer in the market : ______
Which of these feature's is found in both a perfectly competitive market and a monopolistically competitive market?
Pick the option which does not belong to the group.
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Products sold by each firm in a perfectly competitive market are perfect substitutes of each other.
Which of the following is the least competitive market?
Match the following:
| Column I | Column II | ||
| A. | Demand curve under perfect competition | (i) | Indeterminate demand curve |
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Reason (R): The products offered for sale in the perfect market are homogeneous.
Read the following statements carefully and choose the correct alternative:
Assertion (A): Under Perfect Competition, each firm faces a perfectly elastic demand curve.
Reason (R): Firm is a price maker under perfect competition.
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What is meant by barriers to entry?
What is the difference between perfect and imperfect oligopoly?
Elaborate the price discrimination feature of monopoly.
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Firm is a price maker.
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Mention one feature of a monopoly market.
Why do producers incur high selling costs in an imperfect market?
Name the characteristic which makes monopolistic competition different from perfect competition.
What is a price making firm?
Why an individual firm under perfect competition cannot influence the market price?
Which of the following is an example of a perfectly competitive market?
Which feature best distinguishes monopolistic competition from perfect competition?
In which type of market are firms interdependent and a few large firms dominate?
Which statement correctly describes monopsony?
