CUET Economics - Perfect information implies that all buyers and all sellers are completely informed about the price, quality and other relevant details about the product, as well as the market. These features result in the single most distinguishing characteristic of perfect competition, that is... | PYQs + Solutions

CUET Economics 2025 22 May Shift 1

Micro

Medium

Perfect information.

Free entry and exit.

Price taking behaviour.

Large number of buyers and sellers.

✅ Correct Option: 3

Related questions:

21 May Shift 1

Floor prices are meant for the welfare of

16 May Shift 1

Suppose the Income of consumers in a market increase. How will this effect the equilibrium price of the commodity, assuming that it is a normal good?

(A) There is excess demand at the existing price.

(B) Rising price leads to contraction in demand and expansion in supply and a new equilibrium price is attained, which is higher than the initial price.

(D) There is upward pressure on the price and price starts rising.

Choose the correct answer from the options given below:

31 May Shift 1

Select the INCORRECT feature of the market with respect to perfect competition.

The market consists of a large number of buyers and sellers.
Entry into the market as well as exit from the market are free for firms.
Buyers are price makers.
There is perfect knowledge.

CUET Economics 2025 22 May Shift 1 PYQs

Keyboard Shortcuts