Micro

Forms of Market

Easy

Which of the following condtion does not exist in a perfectly competitive market?

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.

Each firm produces and sells a hetrogenous product.

Information is perfect.

✅ Correct Option: 3

Perfect competition requires homogeneous (identical) products across firms, along with many buyers and sellers, free entry and exit, and perfect information. Producing heterogeneous products is a feature of monopolistic competition, not perfect competition, so option 3 does not exist in this market.

2025: 13 May Shift 2

What are the key components of a perfectly competitive market?

(A) Large number of buyers and sellers.

(B) Homogeneous product.

(D) Asymmetric Information.

Choose the correct answer from the options given below:

2025: 3 June Shift 1

Which of the following is true about the relationship between Total Revenue (TR) and Marginal Revenue (MR) in a perfectly competitive market?

(A) Total Revenue will increase at a constant rate.

(B) Marginal Revenue is more than Average Revenue.

(D) Marginal Revenue is equal to Average Revenue.

Choose the correct answer from the options given b-elow:

2025: 29 May Shift 2

The demand curve that a firm faces in a perfectly competitive market is...........

2025: 22 May Shift 1

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...

2025: 16 May Shift 1

Which of the following is not a feature of perfect competition?

2025: 29 May Shift 1

Match List-I with List-II

List-I	List-II
(A) Perfect Competition	(I) No change in equilibrium price
(B) Increase in Demand= Decrease in Supply	(II) Price taking Behavior
(C) Increase in Demand > Decrease in Supply	(III) Decrease in equilibrium price
(D) Increase in Supply > Decrease in Demand	(IV) Increase in equilibrium price

Choose the correct answer from the options given below:

Which of the following condtion does not exist in a perfectly competitive market?

Solution

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