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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
Identify the market having a single buyer and many sellers from the following:
When products are differentiated on the basis of advertisements, brand names etc., it is called as ______.
Selling costs are absent in perfect competition market.
'Homogeneous products' is a characteristic of ______.
Marginal revenue of a firm is constant throughout under:
There is no difference between perfect competition and pure competition.
"The price of a product under perfect competition is determined by an individual seller."
Identify the market form for seller A on the basis of the following information:
| Units of output sold | Price offered by seller A in ₹ |
| 30 | 10 |
| 40 | 10 |
| 50 | 10 |
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.
Give two characteristics of perfect competition.
To which market is product differentiation relevant?
Identify the market form of the following:
Motor car market in India.
Identify the market form for the following:
Textile industry in India.
Monopolistic competition is the perfect blending of monopoly and perfect competition. Explain.
What do you mean by homogeneous products?
What is meant by barriers to entry?
Identify the market form from the following.
Perfect knowledge
Mention one feature of a monopoly market.
