A. Homogeneous product
B. Free market entry and exit
C. Perfect information and absence of all economic friction
D. All of the above
Related Mcqs:
- What is the market situation exist when there are many buyers and many sellers ?
A. Perfect competition
B. Oligopoly
C. Oligopsony
D. Monopoly - If there are many sellers and few buyers, the market situation is ______________________?
A. Duopsony
B. Oligopoly
C. Oligopsony
D. Monopoly - What market situation exists where there are few sellers and few buyers ?
A. Oligopoly
B. Oligopsony
C. Bilateral oligopoly
D. Bilateral Oligopsony - What refers to the exchange mechanism that brings together the sellers and the buyers of a product, factor of production or financial security ?
A. Mall
B. Market
C. Store
D. Office - “Under conditions of perfect competition, the price at which any given product will be supplied and purchased is the price that will result in the supply and the demand being equal.” This statement is known as the_________________?
A. Law of diminishing return
B. Law of supply
C. Law of demand
D. Law of supply and demand - A _____________ is a market situation where economies of scale are so significant that cost are only minimized when the entire output of an industry is supplied by a single producer so that the supply costs are lower under monopoly that under perfect competition ?
A. Perfect monopoly
B. Bilateral monopoly
C. Natural monopoly
D. Ordinary monopoly - What is the opposite of perfect competition ?
A. Monopsony
B. Oligopoly
C. Oligopsony
D. Monopoly - What is another term for “perfect competition” ?
A. Atomistic competition
B. No-limit competition
C. Free-for-all competition
D. Heterogeneous market - Perfect monopoly exists only if_______________?
A. the single vendor can prevent the entry of all other vendors in the market
B. the single vendor gets the absolute franchise of the product
C. the single vendor is the only one who has the permit to sell
D. the single vendor is the only one who has the knowledge of the product - If there is only one seller and many buyers, the market situation is ______________________?
A. Duopsony
B. Oligopoly
C. Oligopsony
D. Monopoly
