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What are the characteristics of a perfec...

What are the characteristics of a perfectly competitive market?

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Discuss "Features of Perfect Competition".
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Similar Questions

Explore conceptually related problems

State any three characteristics of a perfectly competitive market.

What difference does it make to the market when we say that there are large number of sellers in a perfectly competitive market? Explain

Knowledge Check

  • In a perfectly competitive market"

    A
    Firm is a price maker and industry is the price taker
    B
    Firm is a price taker and industry is the price maker
    C
    Both are price takers
    D
    Both are price makers

  • Which one of the following options is not a characteristic of a perfectly competitive market?

    A
    Large number of firms in the industry
    B
    Outputs of the firms are perfect substitutes for one another.
    C
    Firms face downward-sloping demand curves.
    D
    Resources are very mobile.

  • A perfectly competitive firm faces:

    A
    Constant price
    B
    Constant average revenue
    C
    Constant marginal revenue
    D
    All of these

    • Similar Questions

    Explore conceptually related problems

    What is meant by a product being perfectly homogeneous? What is its implication for the price charge by producers in the market? OR In a perfectly competitive market, the buyers treat products of all the firms as homogeneous. Explain the significance of this feature.

    Explain the implication of large number of buyers in a perfectly competitive market. OR What difference does it make to a perfactly competitive market when we say that there are large number of buyers in it? Explain.

    Give reasons for the following statements: (i) A perfectly competitive firm is a price-taker. (ii) Product differentiation is a characteristic feature of a monopolistic competitive market. (iii) A monopolist cannot fix both the quantity that he likes to produce and the price at which he would like to sell.

    Explain the outcome of the following features of a perfectly competitive market (i) Freedom to the firm to enter the industry, (ii) Freedom to the firm to leave the industry.

    One basic charactertistics of monopolistic competition which separates this market from a perfectly competitive market is :

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