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Question
With reference to Perfect competition form of market, choose the odd one out.
Options
Restricted entry
Perfect knowledge
Homogeneous products
Perfect mobility
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Solution
Restricted entry
Explanation: Perfect competition form of market is characterised by:
- Large number of buyers and sellers.
- Homogenous products.
- Free entry and exit.
- Perfect mobility of resources.
- Perfect knowledge.
- Absence of transport costs.
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______ is relevant to perfect competition.
______ goods refer to those products which are identical in quality, shape, size, color, etc.
Explain the following feature of perfect competition:
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In which market form are goods sold at a uniform price?
In a perfectly competitive market, an individual firm is called a price taker because ______.
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