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Market Equilibrium — Economics STD 12 Humanities & Commerce — Question

Rajasthan BoardEnglish MediumSTD 12 Humanities & CommerceEconomicsMarket Equilibrium2 Marks
Question
State three features of perfect competition.
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Answer

Three features of perfect competition are as follows:
  1. Large Number of Buyers and Sellers Under perfect competition, market is dominated by a large number of buyers and sellers.
  2. Homogeneous Product Under this form, all sellers sell identical products. It implies that there is no product differentiation.
  3. Free Entry and Exit of Firms In perfect competition, there is no restriction on the entry and exit of the firms. Any firm can enter or leave the market at any time.

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