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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.
RELATED QUESTIONS
Homogeneous product is a feature of this market.
- Monopoly
- Monopolistic competition
- Perfect competition
- Oligopoly
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
Find the odd word out:
Features of perfect competition:
Homogeneous product is a feature of this market.
- Monopoly
- Monopolistic competition
- Perfect competition
- Oligopoly
Homogeneous products are sold under ______.
In which market form is the firm a price taker?
Explain the following feature of perfect competition:
Homogeneous products
In a perfectly competitive market, an individual firm is called a price taker because ______.
Which combination of conditions defines pure competition?
