CUET Economics 2026 6th June Shift 1 PYQs

What are the key components of a perfectly competitive market?

(A) Large number of buyers and sellers.

(B) Homogeneous product.

(C) Free Entry and exit.

(D) Asymmetric Information.

Choose the correct answer from the options given below:

Arrange the stages of price determination in a perfect competition market:

(A) Estimate the market demand and supply.

(B) Firms adjust production to maximize profit.

(C) Equilibrium price is established.

(D) Short-run profit attracts new firms.

Choose the correct answer from the options given below:

Identify the incorrect option from the following related to a perfectly competitive market.