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Question

In which of the market situations, there are a large number of buyers and sellers selling identical products in the market?


A

Monopoly

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B

Oligopoly

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C

Perfect competition

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D

Monopolistic competition

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Solution

The correct option is C

Perfect competition


Perfect competition is a market situation where there are a large number of buyers and sellers and selling of identical products takes place. The commodity is sold at a uniform price in the market.


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