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Question
Firms under ______ are free to enter or leave the industry any time.
Options
Perfect competition
Pure oligopoly
Oligopoly
Monopoly
Solution
Firms under perfect competition are free to enter or leave the industry any time.
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RELATED QUESTIONS
What is perfect competition? Explain the concept and its features.
Homogeneous product is a feature of this market.
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- Oligopoly
In perfect competition the sellers are selling ______ products.
Homogeneous product is a feature of this market.
- Monopoly
- Monopolistic competition
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- Oligopoly
______ is relevant to perfect competition.
______ is essential for a market to be called as perfect competition.
A differentiated product has ______.
______ goods refer to those products which are identical in quality, shape, size, color, etc.
In which market form is the firm a price taker?
Explain the following feature of perfect competition:
Large number of buyers and sellers
