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Direction: In the following questions, a statement of Assertion (A) is followed by a statement of Reason (R). Mark the correct choice as:
Assertion (A): The industries today are moving towards being perfect competitive market.
Reason (R): In perfect competitive market, the firms sell homogeneous products.
- a)Both Assertion (A) and Reason (R) are true, and Reason (R) is the correct explanation of the Assertion (A).
- b)Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of the Assertion (A).
- c)Assertion (A) is true, but Reason (R) is false.
- d)Assertion (A) is false, but Reason (R) is true.
Correct answer is option 'D'. Can you explain this answer?
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Direction: In the following questions, a statement of Assertion (A) i...
Perfect competition is a type of market structure where products are homogeneous and there are many buyers and sellers. It is held as the ideal market structure for economies to operate in.
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Direction: In the following questions, a statement of Assertion (A) i...
Assertion (A): The industries today are moving towards being perfect competitive market.
Reason (R): In perfect competitive market, the firms sell homogeneous products.
The correct answer is option D, Assertion (A) is false, but Reason (R) is true.
Explanation:
Perfect competition is a market structure where there are a large number of buyers and sellers, homogeneous products, perfect information, free entry and exit, and no influence over the market price. In a perfectly competitive market, all firms sell identical or homogeneous products. This means that consumers perceive no difference between the products offered by different firms in terms of quality, features, or branding.
However, it is not accurate to say that industries today are moving towards being perfectly competitive. In reality, many industries exhibit characteristics of imperfect competition, such as monopolistic competition or oligopoly. In monopolistic competition, firms sell differentiated products that are similar but not identical, while in oligopoly, a few large firms dominate the market and may have some influence over the market price.
Therefore, Assertion (A) is false as industries today are not moving towards being perfectly competitive.
On the other hand, Reason (R) is true. In a perfectly competitive market, firms do sell homogeneous products. This is because in such a market structure, consumers are indifferent between the products of different firms since they are identical in terms of quality, features, and branding. The presence of homogeneous products ensures that consumers can easily switch between different sellers based on price alone, as there are no product differentiation factors to consider.
To summarize:
- Assertion (A) is false as industries today are not moving towards being perfectly competitive.
- Reason (R) is true as in a perfectly competitive market, firms do sell homogeneous products.
Reason (R): In perfect competitive market, the firms sell homogeneous products.
The correct answer is option D, Assertion (A) is false, but Reason (R) is true.
Explanation:
Perfect competition is a market structure where there are a large number of buyers and sellers, homogeneous products, perfect information, free entry and exit, and no influence over the market price. In a perfectly competitive market, all firms sell identical or homogeneous products. This means that consumers perceive no difference between the products offered by different firms in terms of quality, features, or branding.
However, it is not accurate to say that industries today are moving towards being perfectly competitive. In reality, many industries exhibit characteristics of imperfect competition, such as monopolistic competition or oligopoly. In monopolistic competition, firms sell differentiated products that are similar but not identical, while in oligopoly, a few large firms dominate the market and may have some influence over the market price.
Therefore, Assertion (A) is false as industries today are not moving towards being perfectly competitive.
On the other hand, Reason (R) is true. In a perfectly competitive market, firms do sell homogeneous products. This is because in such a market structure, consumers are indifferent between the products of different firms since they are identical in terms of quality, features, and branding. The presence of homogeneous products ensures that consumers can easily switch between different sellers based on price alone, as there are no product differentiation factors to consider.
To summarize:
- Assertion (A) is false as industries today are not moving towards being perfectly competitive.
- Reason (R) is true as in a perfectly competitive market, firms do sell homogeneous products.
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Direction: In the following questions, a statement of Assertion (A) is followed by a statement of Reason (R). Mark the correct choice as:Assertion (A): The industries today are moving towards being perfect competitive market.Reason (R): In perfect competitive market, the firms sell homogeneous products.a)Both Assertion (A) and Reason (R) are true, and Reason (R) is the correct explanation of the Assertion (A).b)Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of the Assertion (A).c)Assertion (A) is true, but Reason (R) is false.d)Assertion (A) is false, but Reason (R) is true.Correct answer is option 'D'. Can you explain this answer?
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Direction: In the following questions, a statement of Assertion (A) is followed by a statement of Reason (R). Mark the correct choice as:Assertion (A): The industries today are moving towards being perfect competitive market.Reason (R): In perfect competitive market, the firms sell homogeneous products.a)Both Assertion (A) and Reason (R) are true, and Reason (R) is the correct explanation of the Assertion (A).b)Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of the Assertion (A).c)Assertion (A) is true, but Reason (R) is false.d)Assertion (A) is false, but Reason (R) is true.Correct answer is option 'D'. Can you explain this answer? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Direction: In the following questions, a statement of Assertion (A) is followed by a statement of Reason (R). Mark the correct choice as:Assertion (A): The industries today are moving towards being perfect competitive market.Reason (R): In perfect competitive market, the firms sell homogeneous products.a)Both Assertion (A) and Reason (R) are true, and Reason (R) is the correct explanation of the Assertion (A).b)Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of the Assertion (A).c)Assertion (A) is true, but Reason (R) is false.d)Assertion (A) is false, but Reason (R) is true.Correct answer is option 'D'. Can you explain this answer? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Direction: In the following questions, a statement of Assertion (A) is followed by a statement of Reason (R). Mark the correct choice as:Assertion (A): The industries today are moving towards being perfect competitive market.Reason (R): In perfect competitive market, the firms sell homogeneous products.a)Both Assertion (A) and Reason (R) are true, and Reason (R) is the correct explanation of the Assertion (A).b)Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of the Assertion (A).c)Assertion (A) is true, but Reason (R) is false.d)Assertion (A) is false, but Reason (R) is true.Correct answer is option 'D'. Can you explain this answer?.
Direction: In the following questions, a statement of Assertion (A) is followed by a statement of Reason (R). Mark the correct choice as:Assertion (A): The industries today are moving towards being perfect competitive market.Reason (R): In perfect competitive market, the firms sell homogeneous products.a)Both Assertion (A) and Reason (R) are true, and Reason (R) is the correct explanation of the Assertion (A).b)Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of the Assertion (A).c)Assertion (A) is true, but Reason (R) is false.d)Assertion (A) is false, but Reason (R) is true.Correct answer is option 'D'. Can you explain this answer? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Direction: In the following questions, a statement of Assertion (A) is followed by a statement of Reason (R). Mark the correct choice as:Assertion (A): The industries today are moving towards being perfect competitive market.Reason (R): In perfect competitive market, the firms sell homogeneous products.a)Both Assertion (A) and Reason (R) are true, and Reason (R) is the correct explanation of the Assertion (A).b)Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of the Assertion (A).c)Assertion (A) is true, but Reason (R) is false.d)Assertion (A) is false, but Reason (R) is true.Correct answer is option 'D'. Can you explain this answer? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Direction: In the following questions, a statement of Assertion (A) is followed by a statement of Reason (R). Mark the correct choice as:Assertion (A): The industries today are moving towards being perfect competitive market.Reason (R): In perfect competitive market, the firms sell homogeneous products.a)Both Assertion (A) and Reason (R) are true, and Reason (R) is the correct explanation of the Assertion (A).b)Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of the Assertion (A).c)Assertion (A) is true, but Reason (R) is false.d)Assertion (A) is false, but Reason (R) is true.Correct answer is option 'D'. Can you explain this answer?.
Solutions for Direction: In the following questions, a statement of Assertion (A) is followed by a statement of Reason (R). Mark the correct choice as:Assertion (A): The industries today are moving towards being perfect competitive market.Reason (R): In perfect competitive market, the firms sell homogeneous products.a)Both Assertion (A) and Reason (R) are true, and Reason (R) is the correct explanation of the Assertion (A).b)Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of the Assertion (A).c)Assertion (A) is true, but Reason (R) is false.d)Assertion (A) is false, but Reason (R) is true.Correct answer is option 'D'. Can you explain this answer? in English & in Hindi are available as part of our courses for Commerce.
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