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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
Discuss any two features of a monopolistically competitive market.
The seller in a monopoly market is a price maker.
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.
What is perfect competition?
Identify the market form for the following:
Telecom industry in India.
Discuss any four differences between monopoly and monopolistic competition.
Monopolistic competition is the perfect blending of monopoly and perfect competition. Explain.
Which market form has the least number of producers?
What does perfectly elastic demand curve faced by a competitive firm indicate?
Identify the market form from the following.
Perfect knowledge
