Practicing Success

Target Exam

CUET

Subject

Economics

Chapter

Micro Economics: Non Competitive markets

Question:
Which of the following cannot be considered as a feature of imperfectly competitive market?
Options:
Free entry and exit
Large number of buyers
Homogeneous products
Price maker
Correct Answer:
Homogeneous products
Explanation:
A homogenous product is one that cannot be distinguished from competitors' products. One product can be easily substituted for the other as in the case of perfect competition. But this is not the case in non-competitive markets.