Which idea is inconsistent with perfect competition? Multiple Choice product differentiation freedom of entry or exit...
Which idea is inconsistent with perfect competition?
Multiple Choice
product differentiation
freedom of entry or exit for firms
a large number of buyers and sellers
price-taking behavior
Homework Answers
Answer: Product differentiation
Explanation: Perfect competition refers to that sort of market structure where there are large number of buyer and large number of seller, buying and selling homogeneous product. In perfect competition the price is determined by the industry based on interaction of market demand and market supply, and all the firms have to follow the price. It means industry is price maker and firms are price taker.
Perfect competition market structure is characterised by large number of buyers and sellers, it states that there is no restriction. In other words there is free on entry and exit of the firm from industry.
The product which are bought and sold are homogeneous, it means products are perfect substitute to each other. So there is no question of product differentiation.
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Which idea is inconsistent with perfect competition?
Multiple Choice
product differentiation
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