1
Question
A market structure which has large number of firms producing & selling homogeneous product and the customers have full knowledge about the equilibrium price is __________.
A market structure which has large number of firms producing & selling homogeneous product and the customers have full knowledge about the equilibrium price is __________.
Open in App
Solution
The correct option is A perfect competition
Perfect competition is a type of market where there are large number of buyers and sellers who deals in homogeneous product due to which no individual unit is able to influence the price of the product and the firms have to quote the price that prevails in the market because of the customer's knowledge about the price.
Perfect competition is a type of market where there are large number of buyers and sellers who deals in homogeneous product due to which no individual unit is able to influence the price of the product and the firms have to quote the price that prevails in the market because of the customer's knowledge about the price.
Suggest Corrections
0
Similar questions
View More
Join BYJU'S Learning Program
Explore more
Join BYJU'S Learning Program
