CUET Economics - Which of the following is not a feature of perfect competition? | PYQs + Solutions

CUET Economics 2025 16 May Shift 1

Micro

Easy

The market consists of a large number of buyers and sellers

The product of one firm can be differentiated from the product of other firms.

Entry into the market as well as exit from the market are free for firms.

perfect information

✅ Correct Option: 2

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Match List-I with List-II

List-I	List-II
(A) Excess demand	(I) Supernormal profits
(B) Excess supply	(II) Perfect competition
(C) Entry of new firms in the market	(III) Price tends to fall
(D) Price taker	(IV) Price tends to rise

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Identify the correct sequence due to which firms under perfect competition earn normal profits in the long run.

(A) The firms are earning less than normal profit at the prevailing price.

(B) The profits of each firm will increase to the level of normal profit.

(D) Some firms will exit, which will lead to an increase in price.

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CUET Economics 2025 16 May Shift 1 PYQs