A market, in which there are a large number of firms, homogeneous prod

by

A market, in which there are a large number of firms, homogeneous product, infinite elasticity of demand for an individual firm and no control over price by firms, is termed as

oligopoly
imperfect competition
monopolistic competition
perfect competition
This question was previously asked in
UPSC CDS-2 – 2020
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A market described by a large number of firms, homogeneous product, infinite elasticity of demand for an individual firm, and no control over price by firms is termed as perfect competition.
These characteristics are defining features of a perfectly competitive market structure. Firms in perfect competition are price takers because they are so small relative to the market and the product is identical, meaning they cannot influence the market price.
In contrast, oligopoly involves a few firms, monopolistic competition involves many firms but with differentiated products, and imperfect competition is a broader term encompassing market structures that deviate from perfect competition (like monopolistic competition and oligopoly).

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