Features of Perfect Competition
Economics ⇒ Markets and Price Determination
Features of Perfect Competition starts at 11 and continues till grade 12.
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See sample questions for grade 12
Explain the concept of 'large number of buyers and sellers' in perfect competition.
Explain the meaning of 'free entry and exit of firms' in the context of perfect competition.
Explain the role of perfect knowledge in perfect competition.
Explain the significance of free entry and exit of firms in perfect competition.
Explain the term 'homogeneous product' in the context of perfect competition.
Explain why firms in perfect competition cannot influence the market price.
Explain why there is no product differentiation in perfect competition.
In perfect competition, what happens to the profits of firms in the long run?
Name any two features of perfect competition.
State any one difference between perfect competition and monopoly.
State any one limitation of perfect competition as a market structure.
State any one reason why perfect competition is considered an ideal market structure.
State any two assumptions of perfect competition.
Why is perfect competition considered a benchmark for other market structures?
Why is the demand curve of a firm in perfect competition perfectly elastic?
Why is there no selling cost in perfect competition?
