Advertisements
Advertisements
Question
Following is not the feature of perfect competition:
Options
Very large number of buyers and sellers
Homogeneous product
Free entry or exit of firms
Selling costs
Advertisements
Solution
Selling costs
Explanation:
Under perfect competition, there are no selling costs since the items are homogeneous and the same across enterprises. Firms do not need to differentiate or sell their products because they are all the same, and consumers are well-informed.
RELATED QUESTIONS
Non-price competition is ______.
Justify the following statement with any two valid arguments. 'In a perfect competition market structure, an individual firm does not have any role in determining price’.
Firm A hires the services of Rohit Sharma to act as the Brand ambassador for its products X. Identify the nature of market for commodity X.
In monopolistic competition, there are ______.
Indian Railways is an example of ______.
The market structure which is characterised by a single producer of a commodity and when there are not close substitutes for that commodity:
Match the following:
| Column I | Column II | ||
| A. | Demand curve under perfect competition | (i) | Indeterminate demand curve |
| B. | Demand curve under monopoly | (ii) | Downward sloping but less elastic |
| C. | Demand curve under monopolistic competition | (iii) | Horizontal straight line |
| D. | Demand curve under oligopoly | (iv) | Elastic demand curve |
Read the following statements carefully and choose the correct alternative:
Assertion (A): Buyers are ready to pay different prices for the product produced by different firms under perfect competition.
Reason (R): The products offered for sale in the perfect market are homogeneous.
Give three points of difference between perfect competition and monopoly.
In which form of market is the seller a price taker? Justify your answer.
Identify the market form of the following:
Goods sold are homogeneous.
Identify the market form for the following:
Perfectly elastic demand.
Identify the market form for the item given below:
A single seller
What is the difference between perfect and imperfect oligopoly?
Name the market which has characteristics both of monopoly and perfect competition.
Identify the market form from the following.
Firm is a price maker.
There are a large number of buyers and sellers under a ______ market.
Why do producers incur high selling costs in an imperfect market?
