Forms of market

In case of _______ market structure the products are not perfectly differntiable

• Monopoly

• Monopsony

• Perfect Competition

• Duopoly

Market does not refer to any shopping comples

• True

• False

In case of perfectly competitive market structure, Price is determined by

• Government

• Sellers

• Forces of Demand and Supply

• Buyers

No matter demand of an individual buyer increase or decreases, market demand remains unaffected. State True/False

• True

• False

A firm's demand curve in case of a perfect competition is

• Vertical

• Unitary elastic

• Horizontal

By homogenous product we mean ___________

• Infinite product differentiation

• Finite product differentiation

• Zero product differentiation

Product price in case of PC is minimum. This is because of

• Positive market control

• Zero market control

• Negative market control

• Infinite market control

Price of factors of production in a perfectly competitive market structure are ______

• Variable

• Uniform

Cartels can be formed in a perfectly competitive market structure. State True/False

• True

• False

By Short period we mean

• Too short a period for new firms to enter the industry

• Too short a period for existing firms to leave the industry

• Too short a period for new firms to enter the industry and for existing firms to leave the industry