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प्रश्न
Explain any four features of perfect competition.
Explain the perfect competition's three characteristics.
Describe any three characteristics of perfect competition.
What are the characteristics of a perfectly competitive market?
Give two characteristics of perfect competition.
Mention one feature of a perfect market.
State two features of perfect competition.
उत्तर
Characteristics of a Perfectly Competitive Market:
- Large Number of buyers and sellers: The number of buyers and sellers of a commodity is so large that no individual buyer or seller can influence the market price. Accordingly, a firm under perfect competition is only a price taker.
- Homogeneous Products: All sellers sell identical products.
- Free Entry and Exit: A firm can enter or leave the industry anytime. Consequently, only normal profits prevail in the long run.
- Perfect Knowledge: Buyers and sellers have full knowledge regarding the prevailing market price.
Notes
Students should refer to the answer according to their questions.
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संबंधित प्रश्न
Which two forms of market earn normal profit in the long run?
Justify the following statement with any two valid arguments. 'In a perfect competition market structure, an individual firm does not have any role in determining price’.
A seller cannot influence the market price under:
The market structure which is characterised by a single producer of a commodity and when there are not close substitutes for that commodity:
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.
What is meant by oligopoly?
To which market is product differentiation relevant?
Identify the market form of the following:
Market for toilet soaps in India.
Identify the market form for the following:
Railways in India.
Identify the market form for the following:
Telecom industry in India.
State the market form of the following commodity.
Shampoos
Identify the market form for the item given below:
A single buyer
Give an example of monopoly.
Give an example of price discrimination.
Which type of market structure is the following? Give reason.
Scooters
Which type of market structure is the following? Give reason.
Ball-pen
Identify the market form from the following.
Firm is a price maker.
Identify the market form from the following.
Perfect knowledge
Why do producers incur high selling costs in an imperfect market?
