Which of the following is feature of Perfect Competition?

Single firm

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Absence of close substitutes

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Homogeneous product

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Entry restriction

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Solution

The correct option is D Homogeneous product
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

Which of the following is not a feature of perfect competition ?

(a) Large no. of buyers

(b) Free entry and exit

(d) Differentiated products

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