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प्रश्न
Explain the following feature of perfect competition:
Homogeneous products
उत्तर
Homogeneous products refer to those products which are identical in quality, shape, size, colour, design, packing, etc. They are identical in the eyes of their buyers. Thus, buyers have no bias towards any particular seller. They find no reason to prefer the product of one seller to the product of another seller. No seller can increase the price of his product because the goods they sell are the same. If he does so, he will lose all his customers. Nor will anyone sell the product at a price lower than the market price. Why should anyone sell at a lower price when he can sell at a higher price? It is because of this feature that firms are able to earn only normal profits.
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संबंधित प्रश्न
Complete the Correlation:
Price taker : ______ :: Price maker :: Monopoly.
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
In which market form, marginal revenue is equal to price?
Homogeneous products are sold under ______.
______ is essential for a market to be called as perfect competition.
A differentiated product has ______.
In which market form is the firm a price taker?
In which market form are goods sold at a uniform price?
