Micro

Forms of Market

Easy

Under Perfect Competition, Large number of buyers and sellers implies:

An individual seller can not influence the market by their size.

Firm earns super normal profit in long run.

Firm is a 'Price Maker'.

Imperfect knowledge among the buyers.

✅ Correct Option: 1

With a very large number of buyers and sellers, each individual buyer or seller is too small relative to the market to influence the price. Every firm is therefore a price taker. Options claiming price-making power, long run supernormal profit or imperfect knowledge contradict perfect competition.

2025: 22 May Shift 2

The government-imposed lower limit on the price that may be charged for a particular good or service. What this lower limit is called ?

2025: 16 May Shift 1

Which of the following is NOT a condition for profit maximization of a perfectly competitive firm in the short run?

2025: 13 May Shift 1

Which of the following is an example of floor price?

2025: 26 May Shift 2

In a particular country, there was a severe heatwave. Arrange the following in the sequence of order in context of the market of ice-creams.

(A) Rise in the price of ice cream.

(B) Supply will remain the same.

(D) The demand for ice cream increases.

Choose the correct answer from the options given below:

2025: 21 May Shift 1

In perfectly competitive market, the demand curve of a firm is?

2025: 3 June Shift 1

Identify the incorrect statement regarding price flooring:

Under Perfect Competition, Large number of buyers and sellers implies:

Solution

Related questions:

Keyboard Shortcuts

CUET Economics Past Year Questions (Topic-Wise)