Which of the following is not a characteristic of

Question

Which of the following is not a characteristic of a perfectly competitive market?ALarge number of firms in the industryBOutputs of the firms are perfect substitutes for one anotherCFirms face downward-sloping demand curvesDResources are very mobile

Mayank Ranka · Accepted Answer

Option C is correctAs firms are price takers and have to sell all their output at a predetermined industry price, thus they face a flat demand curve parallel to the X axis, at the industry price. Option A,B,D are incorrectAs they all state true and essential characteristics that are necessary to make an industry perfectly competitive.

Branch Ranking of IIT> Which of the following is not a character...

Which of the following is not a characteristic of a perfectly competitive market?
A
Large number of firms in the industry
B
Outputs of the firms are perfect substitutes for one another
C
Firms face downward-sloping demand curves
D
Resources are very mobile

Shamit Jain , 5 Years ago

Mayank Ranka

Option C is correct

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branch ranking of iit

Branch Ranking of IIT> Which of the following is not a character...

Which of the following is not a characteristic of a perfectly competitive market?ALarge number of firms in the industryBOutputs of the firms are perfect substitutes for one anotherCFirms face downward-sloping demand curvesDResources are very mobile

Shamit Jain , 5 Years ago

Mayank Ranka

Option C is correct

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A Pelton wheel works under a water power of 1.3MW. The hydraulic efficiency of turbine is 95%. Find runner power developed. If mechanical efficiency of turbine is 90%. Find overall efficiency and shaft power of turbine.

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Which of the following is not a characteristic of a perfectly competitive market?
A
Large number of firms in the industry
B
Outputs of the firms are perfect substitutes for one another
C
Firms face downward-sloping demand curves
D
Resources are very mobile