BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which of the following is NOT a business organization?
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Sole Proprietorship
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Corporation
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Perfect Competition
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Partnership
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Explanation:
Detailed explanation-1: -Solution(By Examveda Team) Small number of buyers and sellers is not a feature of perfect competition.
Detailed explanation-2: -What Is an Example of Perfect Competition? Consider a farmers market where each vendor sells the same type of jam. There is little differentiation between each of their products, as they use the same recipe, and they each sell them at an equal price.
Detailed explanation-3: -Perfect competition is a type of market where there are large number of buyers and sellers who deals in homogeneous product due to which no individual unit is able to influence the price of the product and the firms have to quote the price that prevails in the market. Was this answer helpful?
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