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Questions and Answers
Which of the following is NOT a characteristic of a perfectly competitive market?
Which of the following is NOT a characteristic of a perfectly competitive market?
- Differentiated products (correct)
- Free entry and exit
- Homogeneous products
- Many buyers and sellers
In a perfectly competitive market, firms are price makers because they can influence market prices by altering their output levels.
In a perfectly competitive market, firms are price makers because they can influence market prices by altering their output levels.
False (B)
Explain how the entry of new firms affects the existing firms' profits in a perfectly competitive market.
Explain how the entry of new firms affects the existing firms' profits in a perfectly competitive market.
The entry of new firms reduces the existing firms' profits.
In a perfectly competitive market, firms achieve allocative efficiency because price equals __________.
In a perfectly competitive market, firms achieve allocative efficiency because price equals __________.
Match each characteristic with the market structure it best describes:
Match each characteristic with the market structure it best describes:
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Study Notes
GATE Solution in Mining Engineering
- This book contains solved questions from the GATE exam in Mining Engineering, covering the years 2015 to 2007.
- It is authored by RUPESH KUMAR SAHU.
- The book is published by LOVELY PRAKASHAN, DHANBAD.
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