One of the essential conditions of perfect competition is : (1) product differentiation (2) multiplicity of prices for identical products at any one time. (3) many sellers and a few buyers. (4) Only one price for identical goods at any one time.

One of the essential conditions of perfect competition is : (1) product differentiation (2) multiplicity of prices for identical products at any one time. (3) many sellers and a few buyers. (4) Only one price for identical goods at any one time. 
by

1 Answer

Answer :

Only one price for identical goods at any one time.
by

Related questions

One of the essential conditions of perfect competition is : (1) product differentiation (2) multiplicity of prices for identical products at any one time. (3) many sellers and a few buyers. (4) Only one price for identical goods at any one time.

Description : One of the essential conditions of perfect competition is : (1) product differentiation (2) multiplicity of prices for identical products at any one time. (3) many sellers and a few buyers. (4) Only one price for identical goods at any one time.

Last Answer : (4) Only one price for identical goods at any one time. Explanation: The fundamental condition of perfect competition is that there must be a large number of sellers or firms. ... perfect competition, the control over price is completely eliminated because all firms produce homogeneous commodities.

One of the essential conditions of Monopolistic competition is - (1) Many buyers but one seller (2) Price discrimination (3) Product differentiation (4) Homogeneous product

Description : One of the essential conditions of Monopolistic competition is - (1) Many buyers but one seller (2) Price discrimination (3) Product differentiation (4) Homogeneous product

Last Answer : (3) Product differentiation Explanation: Monopolistic competition is a type of imperfect competition such that many producers sell products that are differentiated from one another as goods but not ... the market becomes more like a perfectly competitive one where firms cannot gain economic profit.

One of the essential conditions of Monopolistic competition is (1) Many buyers but one seller (2) Price discrimination (3) Product differentiation (4) Homogeneous product

Description : One of the essential conditions of Monopolistic competition is (1) Many buyers but one seller (2) Price discrimination (3) Product differentiation (4) Homogeneous product

Last Answer : Product differentiation

Buyers and Sellers will have perfect knowledge of market conditions under - (1) Duopoly (2) Perfect competition (3) Monopolistic competition (4) Oligopoly

Description : Buyers and Sellers will have perfect knowledge of market conditions under - (1) Duopoly (2) Perfect competition (3) Monopolistic competition (4) Oligopoly

Last Answer : (1) Duopoly Explanation: Complete market information is one of the main features of Perfect Competition. This condition implies close contact between buyers and sellers. Both of them possess complete knowledge ... being bought and sold, and the prices at which others are prepared to buy or sell.

Buyers and Sellers will have perfect knowledge of market conditions under (1) Duopoly (2) Perfect competition (3) Monopolistic competition (4) Oligopoly

Description : Buyers and Sellers will have perfect knowledge of market conditions under (1) Duopoly (2) Perfect competition (3) Monopolistic competition (4) Oligopoly

Last Answer : Duopoly

Perfect competition means - (1) large number of buyers and less sellers (2) large number of buyers and sellers (3) large number of sellers and less buyers (4) None of these

Description : Perfect competition means - (1) large number of buyers and less sellers (2) large number of buyers and sellers (3) large number of sellers and less buyers (4) None of these

Last Answer : (2) large number of buyers and sellers Explanation: The fundamental condition of perfect competition is that there must be a large number of sellers or firms. Homogeneous Commodity is the second fundamental condition of a perfect market.

Perfect competition means (1) large number of buyers and less sellers (2) large number of buyers and sellers (3) large number of sellers and less buyers (4) None of these

Description : Perfect competition means (1) large number of buyers and less sellers (2) large number of buyers and sellers (3) large number of sellers and less buyers (4) None of these

Last Answer : large number of buyers and sellers

Under which market conditions “products of the sellers are differentiated yet they are close substitutes of each other” ? (a) Monopolistic Competition (b) Monopoly (c) Perfect Competition (d) None of the above

Description : Under which market conditions “products of the sellers are differentiated yet they are close substitutes of each other” ? (a) Monopolistic Competition (b) Monopoly (c) Perfect Competition (d) None of the above

Last Answer : (b) Monopoly

Sellers that emphasise distinctive product features to encourage brand preferences among customers are practising: A)product competition. B)non -price competition. C)brand differentiation. D)product differentiation.

Description : Sellers that emphasise distinctive product features to encourage brand preferences among customers are practising: A)product competition. B)non-price competition. C)brand differentiation. D)product differentiation.

Last Answer : B)non-price competition.

Which of the following best defines price discrimination? a. charging different prices on the basis of race b. charging different prices for goods with different costs of production c. charging different prices based on cost-of-service differences d. selling a certain product of given quality and cost per unit at different prices to different buyers

Description : Which of the following best defines price discrimination? a. charging different prices on the basis of race b. charging different prices for goods with different costs of production c. charging ... a certain product of given quality and cost per unit at different prices to different buyers

Last Answer : d. selling a certain product of given quality and cost per unit at different prices to different buyers

What type of competitive structure exists when a few sellers control a large portion of the supply of a product ? 1. Monopoly 2. Oligopoly 3. Mixed competition 4. Perfect competition 5. None of these

Description : What type of competitive structure exists when a few sellers control a large portion of the supply of a product ? 1. Monopoly 2. Oligopoly 3. Mixed competition 4. Perfect competition 5. None of these

Last Answer : Oligopoly

What type of competitive structure exists when a few sellers control a large portion of the supply of a product? A)Monopoly B)Oligopoly C)Monopolistic Competition D)Mixed Competition E)Perfect Competition

Description : What type of competitive structure exists when a few sellers control a large portion of the supply of a product? A)Monopoly B)Oligopoly C)Monopolistic Competition D)Mixed Competition E)Perfect Competition

Last Answer : B)Oligopoly

A firm that practices price competition engages in which one of the following strategies? A)Setting prices only as low as the second -lowest competitor B)Letting other firms cut price while it retains profitability C)Competing in both price and product differentiation D)Beating or matching the prices of competitors

Description : A firm that practices price competition engages in which one of the following strategies? A)Setting prices only as low as the second -lowest competitor B)Letting other firms cut price ... C)Competing in both price and product differentiation D)Beating or matching the prices of competitors

Last Answer : D)Beating or matching the prices of competitors

In a Capitalistic Economy, the prices are determined by : (1) Demand and Supply (2) Government Authorities (3) Buyers in the Market (4) Sellers in the Market

Description : In a Capitalistic Economy, the prices are determined by : (1) Demand and Supply (2) Government Authorities (3) Buyers in the Market (4) Sellers in the Market

Last Answer : (1) Demand and Supply Explanation: Capitalism generally refers to economic system in which the means of production are largely or entirely privately owned and operated for a profit, structured on the ... and services lead to higher prices and lower demand for certain goods lead to lower prices.

In a Capitalistic Economy, the prices are determined by : (1) Demand and Supply (2) Government Authorities (3) Buyers in the Market (4) Sellers in the Market

Description : In a Capitalistic Economy, the prices are determined by : (1) Demand and Supply (2) Government Authorities (3) Buyers in the Market (4) Sellers in the Market

Last Answer :  Demand and Supply

In a pure market economy, which of the following is a function of the price? I. provide information to sellers and buyers , II. provide incentives to sellers and buyers a. I only b. II only c. both I and II d. neither I nor II

Description : In a pure market economy, which of the following is a function of the price? I. provide information to sellers and buyers , II. provide incentives to sellers and buyers a. I only b. II only c. both I and II d. neither I nor II

Last Answer : c. both I and II

Which of the following is/are an essential feature of the market (a) Buyers ; (b) Sellers ; (c) Price ; (d) All the three

Description : Which of the following is/are an essential feature of the market (a) Buyers ; (b) Sellers ; (c) Price ; (d) All the three

Last Answer :  (d) All the three

The primary purpose of a broker is to1. take title to a producer's goods before selling them to retailers or consumers 2. sell directly to the final consumer 3. supply products in the food industry by developing permanent, trusting relationships with buyers 4. sell delivery to producers 5. bring buyers and sellers together

Description : The primary purpose of a broker is to 1. take title to a producer's goods before selling them to retailers or consumers 2. sell directly to the final consumer 3. supply products in ... , trusting relationships with buyers 4. sell delivery to producers 5. bring buyers and sellers together

Last Answer : bring buyers and sellers together

The primary purpose of a broker is to A)take title to a producer's goods before selling them to retailers or consumers. B)sell directly to the final consumer. C)supply products in the food industry by developing permanent, trusting relationships with buyers. D)sell directly to producers. E)bring buyers and sellers together.

Description : The primary purpose of a broker is to A)take title to a producer's goods before selling them to retailers or consumers. B)sell directly to the final consumer. C)supply products in ... permanent, trusting relationships with buyers. D)sell directly to producers. E)bring buyers and sellers together.

Last Answer : E)bring buyers and sellers together.

Bilateral monopoly situation is (1) when there are only two sellers of a product (2) when there are only two buyers of a product (3) when there is only one buyer and one seller of a product (4) when there are two buyers and two sellers of a product

Description : Bilateral monopoly situation is (1) when there are only two sellers of a product (2) when there are only two buyers of a product (3) when there is only one buyer and one seller of a product (4) when there are two buyers and two sellers of a product

Last Answer : (3) when there is only one buyer and one seller of a product Explanation: Bilateral monopoly is a market consisting of a single seller (monopolist) and a single buyer (monopsonist).For example, ... . The equilibrium in such a market cannot be determined by the traditional tools of demand and supply.

Bilateral monopoly situation is (1) when there are only two sellers of a product (2) when there are only two buyers of a product (3) when there is only one buyer and one seller of a product (4) when there are two buyers and two sellers of a product

Description : Bilateral monopoly situation is (1) when there are only two sellers of a product (2) when there are only two buyers of a product (3) when there is only one buyer and one seller of a product (4) when there are two buyers and two sellers of a product

Last Answer : when there is only one buyer and one seller of a product

Price is A)the value that is exchanged for products in a marketing transaction. B)always money paid in a marketing transaction. C)more important to buyers than sellers. D)usually the most inflexible marketing mix decision variable.

Description : Price is A)the value that is exchanged for products in a marketing transaction. B)always money paid in a marketing transaction. C)more important to buyers than sellers. D)usually the most inflexible marketing mix decision variable.

Last Answer : A)the value that is exchanged for products in a marketing transaction.

Which of the following sentences is true ? 1. Marketing is not required in a Buyer's Market 2. Marketing is not required in a Seller's Market 3. Marketing is not required due to competition 4. Marketing is not required due to liberalization 5. Marketing is not required due to globalization

Description : Which of the following sentences is true ? 1. Marketing is not required in a Buyer's Market 2. Marketing is not required in a Seller's Market 3. Marketing is not required due to competition 4. Marketing is not required due to liberalization 5. Marketing is not required due to globalization

Last Answer : Marketing is not required in a Seller's Market

Which of the following statement is true (a) In perfect competition Average and Marginal revenue are identical (b) In perfect competition Average and Marginal cost are identical (c) In perfect competition Average price and Marginal cost are identical (d) In perfect competition only normal profit can be earned by a firm

Description : Which of the following statement is true (a) In perfect competition Average and Marginal revenue are identical (b) In perfect competition Average and Marginal cost are identical (c) In perfect competition ... cost are identical (d) In perfect competition only normal profit can be earned by a firm

Last Answer : (a) In perfect competition Average and Marginal revenue are identical

Which of the following is not characteristic of perfect competition? A. Heterogeneous Product B. Each seller is a price taker C. Freedom of entry and exit D. Perfect information about Prices

Description : Which of the following is not characteristic of perfect competition? A. Heterogeneous Product B. Each seller is a price taker C. Freedom of entry and exit D. Perfect information about Prices

Last Answer : ANSWER: A

Product differentiation refers to the: A. Ability of the buyers of a product to negotiate a lower price. B. Response of incumbent firms to new entrants. C. Customer perception that a product is unique. D. Fact that as more of a product is produced the cheaper it becomes per unit

Description : Product differentiation refers to the: A. Ability of the buyers of a product to negotiate a lower price. B. Response of incumbent firms to new entrants. C. Customer perception that a product is unique. D. Fact that as more of a product is produced the cheaper it becomes per unit

Last Answer : Customer perception that a product is unique.

Product differentiation refers to the: A. Ability of the buyers of a product to negotiate a lower price. B. Response of incumbent firms to new entrants. C. Customer perception that a product is unique. D. Fact that as more of a product is produced the cheaper it becomes per unit

Description : Product differentiation refers to the: A. Ability of the buyers of a product to negotiate a lower price. B. Response of incumbent firms to new entrants. C. Customer perception that a product is unique. D. Fact that as more of a product is produced the cheaper it becomes per unit

Last Answer : Fact that as more of a product is produced the cheaper it becomes per unit

Which of these is not an essential feature of a market (a) Buyers ; (b) Sellers ; (c) Commodity ; (d) Building with loading and unloading facilities

Description : Which of these is not an essential feature of a market (a) Buyers ; (b) Sellers ; (c) Commodity ; (d) Building with loading and unloading facilities

Last Answer : (d) Building with loading and unloading facilities

Compared to the case of perfect competition, a monopolist is more likely to: a. charge a higher price b. produce a lower quantity of the product c. make a greater amount of economic profit d. all of the above

Description : Compared to the case of perfect competition, a monopolist is more likely to: a. charge a higher price b. produce a lower quantity of the product c. make a greater amount of economic profit d. all of the above

Last Answer : d. all of the above

Under perfect competition, price of the product A.Can be controlled B.Cannot be controlled C.Can be controlled within certain limit D.None of the above

Description : Under perfect competition, price of the product A.Can be controlled B.Cannot be controlled C.Can be controlled within certain limit D.None of the above

Last Answer : B.Cannot be controlled

Product differentiation is the most important feature of - (1) Pure competition (2) monopolistic competition (3) monopoly (4) oligopoly

Description : Product differentiation is the most important feature of - (1) Pure competition (2) monopolistic competition (3) monopoly (4) oligopoly

Last Answer : (2) monopolistic competition Explanation: There are six characteristics of monopolistic com-petition (MC): (1) Product differentiation; (2) many firms; (3) Free entry and exit in the long run; (4) ... decision making; (e) market power; and (0 Buyers and Sellers do not. have perfect information.

Product differentiation is the most important feature of (1) pure competition (2) monopolistic competition (3) monopoly (4) oligopoly

Description : Product differentiation is the most important feature of (1) pure competition (2) monopolistic competition (3) monopoly (4) oligopoly

Last Answer : monopolistic competition

In monopoly there are / is 1. Few sellers 2. one seller 3. Many sellers 4. few buyers 5. None of these

Description : In monopoly there are / is 1. Few sellers 2. one seller 3. Many sellers 4. few buyers 5. None of these

Last Answer : one seller

Oligopoly is a market organization in which there are 1. No seller 2. Few Buyers 3. Few Sellers 4. Many buyers 5. Many sellers

Description : Oligopoly is a market organization in which there are 1. No seller 2. Few Buyers 3. Few Sellers 4. Many buyers 5. Many sellers

Last Answer : Few Sellers

The seller is required to supply the goods which shall be fit for buyer's purpose where the A. Seller is the sole distributor of goods sold. B. Seller knows the particular purpose of buyer. C. Buyer makes his purpose clear and relies upon seller's skill and judgement. D. Buyer is uneducated and the person of rural background.

Description : The seller is required to supply the goods which shall be fit for buyer's purpose where the A. Seller is the sole distributor of goods sold. B. Seller knows the particular purpose of buyer. ... and relies upon seller's skill and judgement. D. Buyer is uneducated and the person of rural background.

Last Answer : B. Seller knows the particular purpose of buyer.

Bilateral monopoly refers to the market situation of - (1) two sellers, two buyers (2) one seller and two buyers (3) two sellers and one buyer (4) one seller and one buyer

Description : Bilateral monopoly refers to the market situation of - (1) two sellers, two buyers (2) one seller and two buyers (3) two sellers and one buyer (4) one seller and one buyer

Last Answer : (4) one seller and one buyer Explanation: In a bilateral monopoly there is both a monopoly (a single seller) and monopsony (a single buyer) in the same market. The one supplier tends to act ... buyer looks towards paying a price that is as low as possible. Since both parties have conflicting goals,

When there is one buyer and many sellers then that situation is called - (1) Monopoly (2) Single buyer right (3) Down right (4) Double buyers right

Description : When there is one buyer and many sellers then that situation is called - (1) Monopoly (2) Single buyer right (3) Down right (4) Double buyers right

Last Answer : (2) Single buyer right Explanation: In economics, a monopsony (mono: single) is a market form in which only one buyer faces many sellers. It is an example of imperfect competition, ... of a monopsony. Another possible monopsony could develop in the exchange between the food industry and farmers.

Monopoly means - (1) single buyer (2) many sellers (3) single seller (4) many buyers

Description : Monopoly means - (1) single buyer (2) many sellers (3) single seller (4) many buyers

Last Answer : (3) single seller Explanation: A Monopoly exists when a specific person or enterprise is the only supplier of a particular commodity, This contrasts with a monopsony which relates to a single entity ... lack of economic competition to produce the good or service and a lack of viable substitute goods

Bilateral monopoly refers to the market situation of (1) two sellers, two buyers (2) one seller and two buyers (3) two sellers and one buyer (4) one seller and one buyer

Description : Bilateral monopoly refers to the market situation of (1) two sellers, two buyers (2) one seller and two buyers (3) two sellers and one buyer (4) one seller and one buyer

Last Answer : one seller and one buyer

Monopoly means (1) single buyer (2) many sellers (3) single seller (4) many buyers

Description : Monopoly means (1) single buyer (2) many sellers (3) single seller (4) many buyers

Last Answer : single seller

When there is one buyer and many sellers then that situation is called (1) Monopoly (2) Single buyer right (3) Down right (4) Double buyers right

Description : When there is one buyer and many sellers then that situation is called (1) Monopoly (2) Single buyer right (3) Down right (4) Double buyers right

Last Answer :  Single buyer right 

Which of the following is NOT a desirable feature for a brand name? A)it can facilitate the introduction of new products B)it can become used as the generic name for all products in the category C)it can make it possible for the firm to engage in non price competition D)it can help develop brand loyalty amongst buyers

Description : Which of the following is NOT a desirable feature for a brand name? A)it can facilitate the introduction of new products B)it can become used as the generic name for all products in the ... for the firm to engage in non price competition D)it can help develop brand loyalty amongst buyers

Last Answer : B)it can become used as the generic name for all products in the category

A situation of large number of firms producing similar goods is termed as : (1) Perfect competition (2) Monopolistic competition (3) Pure competition (4) Oligopoly

Description : A situation of large number of firms producing similar goods is termed as : (1) Perfect competition (2) Monopolistic competition (3) Pure competition (4) Oligopoly

Last Answer : (1) Perfect competition Explanation: The fundamental condition of perfect competition • is that there must be a large number of sellers or firms. Homogeneous Commodity is the second fundamental condition of a perfect market. The products of all firms in the industry are homogeneous and identical.

Different firms constituting the industry, produce homogeneous goods under (1) monopoly (2) monopolistic competition (3) oligopoly (4) perfect competition

Description : Different firms constituting the industry, produce homogeneous goods under (1) monopoly (2) monopolistic competition (3) oligopoly (4) perfect competition

Last Answer : (4) perfect competition Explanation: The fundamental condition of perfect competition is that there must be a large number of sellers or firms. Homogeneous Commodity is the second fundamental condition ... are homogeneous and identical. In other words, they are perfect substitutes for one another.

A situation of large number of firms producing similar goods is termed as : (1) Perfect competition (2) Monopolistic competition (3) Pure competition (4) Oligopoly

Description : A situation of large number of firms producing similar goods is termed as : (1) Perfect competition (2) Monopolistic competition (3) Pure competition (4) Oligopoly

Last Answer :  Perfect competition

Different firms constituting the industry, produce homogeneous goods under (1) monopoly (2) monopolistic competition (3) oligopoly (4) perfect competition

Description : Different firms constituting the industry, produce homogeneous goods under (1) monopoly (2) monopolistic competition (3) oligopoly (4) perfect competition

Last Answer : perfect competition

If there is a price ceiling, which of the following is NOT likely to occur? a. rationing by first-come, first-served b. black markets c. gray markets d. sellers providing goods for free that were formerly not free

Description : If there is a price ceiling, which of the following is NOT likely to occur? a. rationing by first-come, first-served b. black markets c. gray markets d. sellers providing goods for free that were formerly not free

Last Answer : d. sellers providing goods for free that were formerly not free

When Bell Laboratories attempts to anticipate the effect of new products and processes on its own innovations, other business organisations, and society in general, it is engaging in: A)product differentiation B)monopolistic competition C)technology assessment D)innovative marketing

Description : When Bell Laboratories attempts to anticipate the effect of new products and processes on its own innovations, other business organisations, and society in general, it is engaging in: A)product differentiation B)monopolistic competition C)technology assessment D)innovative marketing

Last Answer : C)technology assessment

in case of perfect competition a firm is: A. Price taker B. Independent C. Free to fire prices D. None of these

Description : in case of perfect competition a firm is: A. Price taker B. Independent C. Free to fire prices D. None of these

Last Answer : ANSWER: A

Marketing efforts are specifically aimed a : 1. Distributing "someting of value" to buyers and sellers 2. Facilitating satisfying exchange relationships 3. Developing new products for target markets 4. Understanding buyer behaviour to meet buyer needs 5. None of these

Description : Marketing efforts are specifically aimed a : 1. Distributing "someting of value" to buyers and sellers 2. Facilitating satisfying exchange relationships 3. Developing new products for target markets 4. Understanding buyer behaviour to meet buyer needs 5. None of these

Last Answer : Facilitating satisfying exchange relationships