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Question
Following is the feature of perfect competition:
Options
Product differentiation
Homogeneous product
Barriers to entry
Less elastic
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Solution
Homogeneous product
Explanation:
In perfect competition, all firms supply a homogeneous product, which means that the items produced by different enterprises appear identical to consumers. There is no product differentiation, and customers don't favour one company's goods over another.
RELATED QUESTIONS
Selling costs are absent in perfect competition market.
Following is not the feature of perfect competition:
Differentiated products is a characteristic of ______.
Indian Railways is an example of ______.
Match the following and select the correct option:
| 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 |
A market where homogeneous products are sold with no control over price by an individual firm or a buyer is ______.
Identify the market form for seller A on the basis of the following information:
| Units of output sold | Price offered by seller A in ₹ |
| 30 | 10 |
| 40 | 10 |
| 50 | 10 |
Which one of the following is NOT found in a perfectly competition market?
What is meant by pure competition?
Producers in a monopoly are price makers. Briefly explain.
Identify the market form of the following:
Motor car market in India.
State the market form of the following commodity.
Shampoos
State the market form of the following commodity.
Fighter Aircrafts
Identify the market form for the item given below:
A single seller
Define monopoly.
Why can a monopolist charge different prices in different markets?
What is the difference between perfect and imperfect oligopoly?
Elaborate the price discrimination feature of monopoly.
Identify the market form from the following:
A few large sellers
Name the characteristic which makes monopolistic competition different from perfect competition.
