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Questions
In which market form is the firm a price taker?
In which of the following markets, the forms are price-taker?
In which of the market forms, a firms is price-taker?
Options
Money market
Monopoly
Perfect competition
Capital market
Monopolistic competition
None of these
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Solution
Perfect competition
Explanation:
In a perfectly competitive market, firms are price-takers because:
- There are many sellers offering identical products.
- No single firm can influence the market price.
- The price is determined by market demand and supply.
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.
- Monopoly
- Monopolistic competition
- Perfect competition
- Oligopoly
Homogeneous product is a feature of this market.
- Monopoly
- Monopolistic competition
- Perfect competition
- Oligopoly
Find the odd word out:
Features of perfect competition:
State with reason whether you agree or disagree with the following statement:
The seller is a price taker in perfect competition.
Homogeneous product is a feature of this market.
- Monopoly
- Monopolistic competition
- Perfect competition
- Oligopoly
Homogeneous product is a feature of this market.
- Monopoly
- Monopolistic competition
- Perfect competition
- Oligopoly
Homogeneous product is a feature of this market.
- Monopoly
- Monopolistic competition
- Perfect competition
- Oligopoly
With reference to Perfect competition form of market, choose the odd one out.
Homogeneous product is a feature of this market.
- Monopoly
- Monopolistic competition
- Perfect competition
- Oligopoly
Homogeneous product is a feature of this market.
- Monopoly
- Monopolistic competition
- Perfect competition
- Oligopoly
The following diagram represents the demand curve of a firm under ______.
In which market form, marginal revenue is equal to price?
Homogeneous products are sold under ______.
A differentiated product has ______.
______ goods refer to those products which are identical in quality, shape, size, color, etc.
Firms under ______ are free to enter or leave the industry any time.
In which market form are goods sold at a uniform price?
Which combination of conditions defines pure competition?
Which assumption of perfect competition prevents firms from gaining advantage by advertising?
Which statement best distinguishes perfect competition from pure competition?
