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This a MCQ (Multiple Choice Question) based practice test of Chapter 6 - Non-Competitive Markets of Economics of Class XII (12) for the quick revision/preparation of School Board examinations
Q  Which of the following is not the feature of an imperfect competition?
  • a)
    Large number of buyers
  • b)
    Single seller
  • c)
    Homogeneous products
  • d)
    Price maker
Correct answer is option 'C'. Can you explain this answer?
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This a MCQ (Multiple Choice Question) based practice test of Chapter 6...
A homogeneous product is one that cannot be distinguished from competing products from different suppliers. In other words, the product has essentially the same physical characteristics and quality as similar products from other suppliers. One product can easily be substituted for the other.
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This a MCQ (Multiple Choice Question) based practice test of Chapter 6...
An imperfect competition means a large number of seller selling a differentiated products at some control over price of its product eg:shampoo makers so, the answer is both b and c
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This a MCQ (Multiple Choice Question) based practice test of Chapter 6- Non-Competitive Markets of Economics of Class XII (12) for the quick revision/preparation of School Board examinationsQ Which of the following is not the feature of an imperfect competition?a)Large number of buyersb)Single sellerc)Homogeneous productsd)Price makerCorrect answer is option 'C'. Can you explain this answer?
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