What are the Characteristics of a perfectly competitive market?

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What is price line under perfect competition?

3

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What is the relation between market price and average revenue of a price taking firm (i.e. perfectly competitive firm)?

3

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Explain feature of homogeneous product.

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Explain the implication of homogeneous product.

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"In perfect competition, industry is the price maker and firm is the price taker." Discuss.

3

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Explain features of perfect knowledge about the market.

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What is the relationship between TR, AR and MR under perfect competition?

3

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Why is AR curve of a firm under perfect competition parallel to X-axis?

3

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There are large number of sellers in a perfectly competitive market. Explain the significance of this feature.

3

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A perfectly competitive firm faces market price equal to Rs.15.
(i) Derive its total revenue schedule for the range of output from a to 10 units.
(ii) Suppose the market price increases to 17. Will the new TR curve be flatter or steeper?

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What is a competitive market? Briefly describe a type of market that is not perfectly competitive

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