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प्रश्न
Explain three features of Perfect competitive market.
उत्तर
- Homogeneous products: In this market, enterprises sell homogeneous or identical products. Consumers perceive no difference in products given by different merchants on the market.
- Free entry and exit: There are no obstacles preventing new firms from entering the market. Similarly, there are no obstacles to leaving. Firms have the option to exit the market if they are unable to generate enough revenue to cover their costs.
- Large numbers and sellers: In this market, there exists a significant number of both buyers and sellers. No buyers or sellers have the power to influence the demand and supply, respectively.
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संबंधित प्रश्न
Which two forms of market earn normal profit in the long run?
In which type of market price discrimination is practiced? Explain with an example.
Following is the feature of perfect competition:
In monopolistic competition, there are ______.
Match the following:
| Column I | Column II | ||
| A. | Monopoly | (i) | Availability of close substitutes |
| B. | Oligopoly | (ii) | Absence of close substitutes |
| C. | Perfect competition | (iii) | Few large sellers |
| D. | Monopolistic competition | (iv) | Homogeneous products |
Read the following statements carefully and choose the correct alternative:
Assertion (A): Under Perfect Competition, each firm faces a perfectly elastic demand curve.
Reason (R): Firm is a price maker under perfect competition.
In which form of market is the seller a price taker? Justify your answer.
Identify the market form for the following:
Railways in India.
Identify the market form for the item given below:
A single buyer
What is meant by barriers to entry?
