Practicing Success

Target Exam

CUET

Subject

Economics

Chapter

Micro Economics: Theory of Firms under Perfect Competition

Question:
Which of the following is not the feature of perfect competition?
Options:
Information is perfect.
The product of one firm may or may not be differentiated from the product of any other firm.
No individual buyer or seller can influence the market by their size.
Entry into the market as well as exit from the market are free for firms.
Correct Answer:
The product of one firm may or may not be differentiated from the product of any other firm.
Explanation:
The product of one firm cannot be differentiated from the product of any other firm.