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Question
Firms under ______ are free to enter or leave the industry any time.
Options
Perfect competition
Pure oligopoly
Oligopoly
Monopoly
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Solution
Firms under perfect competition are free to enter or leave the industry any time.
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RELATED QUESTIONS
What is meant by Perfect competition?
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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In which market form, marginal revenue is equal to price?
A differentiated product has ______.
______ goods refer to those products which are identical in quality, shape, size, color, etc.
In which market form is the firm a price taker?
Explain the following feature of perfect competition:
Large number of buyers and sellers
