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Question
________refers to a market structure in which a large number of firms produce identical goods and sell them at a uniform price, where firms have the freedom of entry and exit and all the buyers and sellers have full knowledge of the market conditions.
________refers to a market structure in which a large number of firms produce identical goods and sell them at a uniform price, where firms have the freedom of entry and exit and all the buyers and sellers have full knowledge of the market conditions.
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Solution
The correct option is D Perfect competition
Features of perfect competition include:- Large number of firms
- Homogeneous product
- Uniform price
- Freedom of entry and exit
- Perfect knowledge of industry conditions
- Poor barriers to entry
.
Features of perfect competition include:
- Large number of firms
- Homogeneous product
- Uniform price
- Freedom of entry and exit
- Perfect knowledge of industry conditions
- Poor barriers to entry
.
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