Perfect Competition - Topic 2

Perfect Competition - Topic 2

6 Qs

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Perfect Competition - Topic 2

Perfect Competition - Topic 2

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6 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Choose the correct option(s).

Homogeneous product is a feature of ___________________.

monopoly

monopolistic competition

perfect competition

Answer explanation

Media Image

A market where large number of buyers and sellers buy and sell their homogeneous products. In this market, buyers and sellers have perfect knowledge of market conditions and thus uniform price prevails in such markets.

2.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Choose the correct option(s).

In perfectly competitive market, goods are sold at _____________.

uniform price

differentiated price

free of cost

3.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Choose the correct option(s).

In perfect competitive market, factors of production are __________________.

perfectly immobile

perfectly mobile

none of these

4.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Choose the correct option(s).

In perfect competition, every buyer and seller is _______________.

price maker

price taker and maker

price taker

5.

FILL IN THE BLANK QUESTION

1 min • 5 pts

Give the economic term.

Government policy under perfect competition.

6.

FILL IN THE BLANK QUESTION

1 min • 5 pts

Give the economic term.

Price prevailing under perfectly competitive market.