The characteristic feature of perfect competition is ___________.

large number of firms; heterogeneous product; easy entry and exit

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large number of firms; homogenous product; incomplete

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large number of firms; homogenous product; easy entry and exit

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few firms; homogenous product ; difficult entry and exit

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Solution

The correct option is D large number of firms; homogenous product; easy entry and exit
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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Similar questions

Explain the implications of the following features of perfect competition:

(a) large number of buyers and sellers

(b) freedom of entry and exit to firms

In a perfectly competitive market, the buyers treat products of all the firms as homogeneous. Explain the significance of this feature.

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