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Consumers, Consumption and Satisfaction

In which of t...

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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Similar questions

Q. Give reasons or explain:

1. Single price prevails in perfect competition.

2. Price discrimination is possible under monopoly.

3. Selling cost is incurred by a firm in Monopolistic competition.

4. A monopolist can control the supply of goods.

5. Sellers and the buyers are price takers in perfect competition.

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)

Q. There is a large number of buyers both under monopoly and monopolistic competition.

Q. There are no selling costs in perfect competition as well as monopoly form of market.

Q. Which of the following is/are the features of perfect competition ?
(i) Large number of buyers and sellers
(ii) Identical product
(iii) Free entry and exit
(iv) No transportation cost

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