Features of Perfect Competition
Economics ⇒ Markets and Price Determination
Features of Perfect Competition starts at 11 and continues till grade 12.
QuestionsToday has an evolving set of questions to continuously challenge students so that their knowledge grows in Features of Perfect Competition.
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See sample questions for grade 11
Describe the implication of 'no transportation cost' in perfect competition.
Describe the role of a price taker in perfect competition.
Explain the concept of 'perfect knowledge' in perfect competition.
Explain the meaning of 'free entry and exit' in the context of perfect competition.
Explain the meaning of 'no selling cost' in perfect competition.
Explain why firms in perfect competition are called 'price takers'.
Explain why perfect competition is considered an ideal market structure.
Explain why there is no need for advertising in perfect competition.
Perfect knowledge among buyers and sellers means that ________
State any one assumption of perfect competition.
State any one reason why perfect competition is rare in the real world.
State any two features of perfect competition.
What does 'large number of buyers and sellers' imply in perfect competition?
What is meant by 'homogeneous product' in perfect competition?
What is the relationship between price, average revenue, and marginal revenue in perfect competition?
What is the shape of the average revenue curve for a firm under perfect competition?
