ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -False, there are no advertisements of commodities in perfect competition.

Detailed explanation-2: -Perfect competition is a type of market where there are large number of buyers and sellers who deals in homogeneous product due to which there is no advertisement for any product as every seller has the same type of product which is identical in nature.

Detailed explanation-3: -a marketing situation in which there are a large number of sellers of a product which cannot be differentiated and, thus, no one firm has a significant influence on price. Other prevailing conditions are ease of entry of new firms into the market and perfect market information.

Detailed explanation-4: -The fundamental condition of perfect competition is that there must be a large number of sellers or firms. Homogeneous Commodity is the second fundamental condition of a perfect market. The products of all firms in the industry are homogeneous and identical. Was this answer helpful?

Detailed explanation-5: -The best examples of a purely competitive market are agricultural products, such as corn, wheat, and soybeans. Monopolistic competition is much like pure competition in that there are many suppliers and the barriers to entry are low.