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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
What is perfect competition? Explain the concept and its features.
Homogeneous product is a feature of this market.
- Monopoly
- Monopolistic competition
- Perfect competition
- Oligopoly
Complete the Correlation:
Price taker : ______ :: Price maker :: Monopoly.
Homogeneous product is a feature of this market.
- Monopoly
- Monopolistic competition
- Perfect competition
- Oligopoly
With reference to Perfect competition form of market, choose the odd one out.
In perfect competition the sellers are selling ______ products.
Homogeneous product is a feature of this market.
- Monopoly
- Monopolistic competition
- Perfect competition
- Oligopoly
______ is relevant to perfect competition.
Homogeneous products are sold under ______.
In which market form is the firm a price taker?
