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Question
In perfect competition the sellers are selling ______ products.
Options
Identical
Different
Unique
Inexpensive
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Solution
In perfect competition the sellers are selling Identical products.
Explanation:
This homogeneity in products means that no single seller can set prices above the market equilibrium, as buyers can easily switch to another seller without any loss of value or utility.
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RELATED QUESTIONS
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.
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______ is essential for a market to be called as perfect competition.
Firms under ______ are free to enter or leave the industry any time.
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