{"id":86073,"date":"2025-06-01T03:36:28","date_gmt":"2025-06-01T03:36:28","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=86073"},"modified":"2025-06-01T03:36:28","modified_gmt":"2025-06-01T03:36:28","slug":"a-market-in-which-there-are-a-large-number-of-firms-homogeneous-prod","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/a-market-in-which-there-are-a-large-number-of-firms-homogeneous-prod\/","title":{"rendered":"A market, in which there are a large number of firms, homogeneous prod"},"content":{"rendered":"

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<\/p>\n

[amp_mcq option1=”oligopoly” option2=”imperfect competition” option3=”monopolistic competition” option4=”perfect competition” correct=”option4″]<\/p>\n

\n
\n
This question was previously asked in<\/div>\n
UPSC CDS-2 – 2020<\/div>\n<\/div>\n
Download PDF<\/a>Attempt Online<\/a><\/div>\n<\/div>\n
\nA 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.
\n<\/section>\n
\nThese 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.
\n<\/section>\n
\nIn 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).
\n<\/section>\n","protected":false},"excerpt":{"rendered":"

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 [amp_mcq option1=”oligopoly” option2=”imperfect competition” option3=”monopolistic competition” option4=”perfect competition” correct=”option4″] This question was previously asked in UPSC CDS-2 – 2020 Download PDFAttempt Online A market … <\/p>\n

Detailed SolutionA market, in which there are a large number of firms, homogeneous prod<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1088],"tags":[1288,1120,1261],"class_list":["post-86073","post","type-post","status-publish","format-standard","hentry","category-upsc-cds-2","tag-1288","tag-economic-development","tag-nature-of-indian-economy","no-featured-image-padding"],"yoast_head":"\nA market, in which there are a large number of firms, homogeneous prod<\/title>\n<meta name=\"description\" content=\"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.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/exam.pscnotes.com\/mcq\/a-market-in-which-there-are-a-large-number-of-firms-homogeneous-prod\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A market, in which there are a large number of firms, homogeneous prod\" \/>\n<meta property=\"og:description\" content=\"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. 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