Solved UPSC CDS/OTA Question
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Q · Market and Types of GoodsMedium · 45s
Consider the following statements about Perfect Competition: 1. There are a large number of buyers and sellers. 2. Firms can influence the market price. 3. Products are homogeneous. Which of the above are correct?
TopicMarket and Types of Goods
Question Typemultiple choice
DifficultyMedium
Marking+1 / −0.33
Test Duration30 min
Q 1 / 30Next question →
Step-by-Step Solution
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Perfect competition has many buyers and sellers; no single firm can influence the price (so statement 2 is incorrect). The product is homogeneous.
Final Answer: Option B — 1 and 3 only