Advertisements
Advertisements
प्रश्न
Give two characteristics of perfect competition.
State two characteristics of perfect competition.
उत्तर
- There are a very large number of buyers and sellers.
- Products sold by different sellers are homogenous.
- Firms are free to enter or exit the industry (or market).
- Buyers and sellers have perfect knowledge about the market conditions.
Notes
Students should refer to the answer according to their questions.
संबंधित प्रश्न
The image above shows a departmental store of a market structure.
- Identify the form of market as observed from the above image.
- Discuss the features of this market form with respect to:
- Type of product
- Entry and exit of firms
- Selling cost
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’.
Following is not the feature of perfect competition:
Observe the relationship of the first pair of words and complete the second pair.
Single seller in the market : Monopoly
Single buyer in the market : ______
Pick the option which does not belong to the group.
Mention two features of monopoly.
Give an example of oligopoly.
Which market form has the least number of producers?
What is meant by barriers to entry?
What is the effect on price when a perfectly competitive firm tries to sell more?
