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Grade 11Branch Ranking of IIT

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

Profile image of Shamit Jain
5 Years agoGrade 11
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1 Answer

Profile image of Mayank Ranka
5 Years ago

Option C is correct

As 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 incorrect
As they all state true and essential characteristics that are necessary to make an industry perfectly competitive.

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