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Mixture

In perfect co...

Question

In perfect competition the product is homogeneous.

A

True

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B

False

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Solution

The correct option is A True
True.
Perfect competition is a type of market where there are large number of buyers and sellers who deals in homogeneous product due to which every seller has the same type of product which is identical in nature.

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Similar questions

Q. Explain the following features of perfect competition:
(i) Large number of buyers and sellers.
(ii) Homogeneous products.

Q. Which of the following is/are the features of perfect competition?
(i) Large number of buyers and sellers
(ii) Freedom of entry and exit
(iii) Perfect mobility of resources
(iv) Homogeneous product

Q. Fill in the blanks with appropriate alternatives given in the brackets:

1. Under perfect competition commodities are ________________ in nature. (homogeneous/ classified/ heterogeneous/ supplementary)

2. _____________ appears in a monopoly market. (product differentiation/ price discrimination/ individual differentiation/ packing differentiation)

3. The price at which demand and supply equate to each other is called _______ price. (general/ equilibrium/ short-run/ reserve)

4. In ________ market, seller creates products differentiation. (competition/ perfect/ pure/ monopolistic competition)

5. Monopolist means __________ competitive. (single seller/ several seller/ single buyer/ several buyer)

Explain the implications of the feature 'homogeneous products' in perfectly competitive markets.

Q. The main features of monopolistic competition are:
I. large number of firms
II. product differentiation
III. free entry and exit
IV. homogeneous product

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