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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
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 |
There is no difference between perfect competition and pure competition.
A market where homogeneous products are sold with no control over price by an individual firm or a buyer is ______.
Which of these feature's is found in both a perfectly competitive market and a monopolistically competitive market?
Which one of the following is NOT found in a perfectly competition market?
Read the following statements carefully and choose the correct alternative:
Assertion (A): Price discrimination is possible under monopoly.
Reason (R): A monopolist can charge different prices in different markets because different sets of consumers - rich and poor - have different price elasticity of demand for the monopolist's product.
Define oligopoly.
To which market is product differentiation relevant?
Highlight the importance of selling costs in a monopolistically compatible market.
Identify the market form for the following:
Textile industry in India.
Name the market in which there is a single buyer and many sellers.
Which type of market structure is the following? Give reason.
Trucks
Which type of market structure is the following? Give reason.
Soft drinks
Product differentiation is practised in monopolistic competition? Give reasons.
What do you mean by homogeneous products?
What induces new firms to enter an industry?
Identify the market form from the following.
Firm is a price maker.
There are a large number of buyers and sellers under a ______ market.
Mention one feature of a monopoly market.
In which market form is there a single seller and no close substitutes for the product?
