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Question Practice

What does 'free entry and exit' imply in a perfectly competitive market?

Attempt the question, check the explanation, and continue with similar questions to build confidence before exams.

MCQ_SA
CBSE
Class 12
Economics
Introductory Microeconomics
The Theory Of The Firm Under P...
Question Bank

What does 'free entry and exit...

Single Answer MCQ
Q-00089468

What does 'free entry and exit' imply in a perfectly competitive market?

1

Firms can change prices at will

2

New firms can start business easily and existing firms can leave without restrictions

3

Firms are compelled to sell at a minimum price

4

Only large firms can operate in the market

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Which of the following is NOT a characteristic of perfect competition?

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In a perfectly competitive market, what is the behavior of consumers?

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Q3.

What ensures that firms in perfect competition produce identical products?

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Q4.

Which condition affects the price-taking behavior in perfect competition?

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