GK
MARKETING MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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From buyers need to buyer wants
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From local to global markets
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From price to non-price competition
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From buyers need to producers wants
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Detailed explanation-1: -The price of the product does not lead to a shift in the demand curve.
Detailed explanation-2: -The correct answer is C. restrictions on entry into the market.
Detailed explanation-3: -Answer and Explanation: Product differentiation is not a characteristic of perfect competition. Price taking behavior, freedom of entry or exit for buyers, and a large number of buyers and sellers are characteristics of perfect competition.
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?