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What are the characteristics of a perfec...

What are the characteristics of a perfectly competitive market ?

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Refer to Section 10.3.
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Explore conceptually related problems

State any three characteristics of a perfectly competitive market.

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.

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

    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.

    Explain the outcome of the following features of a perfectly competitive market: (i) Freedom to the firms to enter the industry (ii) Freedom to the firms to leave the industry

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

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