Identical price is the characteristic of which of the following market?
(A) Monopoly
(B) Full competition
(C) Monopolistic competition
(D) No option is correct
Correct Answer : Full competition
Question Asked : SSC Junior Engineer (Civil) Exam 2018
Explanation : In perfect competition, a large number of small sellers supply a homogeneous product to a common buying market. All the factors of production, viz. labour, capital, etc, have perfect mobility in the market and are not hindered by any market factors or market forces. Every firm is a price taker. It takes the price as decided by the forces of demand and supply. No firm can influence the price of the product.
....Read more
Useful Quotations for : UPSC, State PSC, IBPS, SSC, Railway, NDA, Police Exams
Like The Facebook Page
CurrentGK for
Current Affairs, Latest GK &
Employment News
Tags : Microeconomics