ECONOMICS
COMPETITION AND MARKET STRUCTURES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Standardize product
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High barriers to entry
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No control over Prices
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Easy entry into and exit out of the market
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Detailed explanation-1: -Answer and Explanation: The correct is c; there are no barriers to exit or entry in a perfectly competitive market.
Detailed explanation-2: -The correct answer is (c) Free entry is limited.
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: -A large number of buyers and sellers. Homogenous products. Free exit and entry of firms. Perfect knowledge among buyers and sellers. No transport costs. Perfect mobility of factors of production. No promotional and selling costs.