ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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large/identical
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small/same
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large/different
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small/identical
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Detailed explanation-1: -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-2: -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.
Detailed explanation-3: -Multiple buyers and sellers. A pure competition market has many sellers and buyers. Prices are comparable. All products are similar. Different product knowledge. Product availability is similar. Easy industry entrance. Variations in profits. Grocery stores: More items •07-Jul-2021
Detailed explanation-4: -Large numbers of buyers and sellers in the market. Free entry and exit of firms in the market. Each firm should be selling a homogeneous product. Buyers and sellers should possess complete knowledge of the market. No price control. More items