Skip to main content

Economics notes for class 12 - Features of Perfect Competition Market

Economics notes for class 12 - Features of Perfect Competition Market

In this article, we have taken “Features of Perfect Competition Market” from Class 12th Economics. These Economic notes are short, crisp, and easy to understand for students.
  • HOMOGENEOUS PRODUCT
The product being sold in a perfect competition market is homogeneous in nature. This means that the commodities are identical in terms of color, size, shape, quality, size, weight etc. Hence, no seller can charge a different price for its products in the market. This is because the consumer is indifferent to all the sellers in the market. If any seller charges a different price from its customers, he may end up losing them.
IMPLICATION of this feature is that all the firms have to charge the same price for the product otherwise no one will buy from an overcharging firm.

  • FREE ENTRY AND EXIT OF THE FIRM
Buyers and sellers are free to enter or quit the market as and when needed. New firms which are induced by high profits of the industry may enter it and the firms which are struggling for their survival due to heavy losses may leave the industry.
IMPLICATION of free entry and exit of the firms is that no firm is that no firm can earn above normal profit In the long run. Each firm earns a just normal profit.

  • PERFECT KNOWLEDGE
The buyers and sellers have perfect knowledge about the prices and costs of goods in different parts of the market. All sellers have equal access to technology and inputs leading to equal costs of production. This results in the uniformity of the prices of the commodity.

  • PERFECT MOBILITY
There is a free mobility of goods and factors of production without any hindrance or obstruction. The factors are free to enter or leave the market anytime.

 For more such Economics classes online, 12th Economics notes, NCERT solutions, CSBE guide, animated courses for Class 1 to 12, register with Takshila Learning.

Call us : 8800999280/8800999284

Labels:

Comments

Post a Comment

Thank you we will contact ASAP.

Popular posts from this blog

Magnetic and non-magnetic material Class 6 Science

Magnetic and non-magnetic material  Class 6 Science A magnet is a substance that is drawn to certain magnetic materials like iron, cobalt, and nickel. Magnets have the ability to draw iron to them. Natural magnets are rocks that naturally draw iron. Non-magnetic materials include things like wood, rubber, coins, feathers, leather, etc. that are not drawn to iron. Magnet characteristics It pulls magnetic materials, such as iron. The magnet's two ends are referred to as its poles. The magnet's diametrically opposed poles are drawn together. Heating, hammering, or dropping causes it to lose its characteristics. On the basis of properties types of Magnets Temporary magnets are those magnets that are magnetic for only a little duration. Typically, iron, cobalt, or nickel are used to make them. When they are close to the powerful magnet, they act like a magnet. When they are yanked away from the powerful magnet, they stop being magnetic. Permanent magnets are magnets that have magne...
Post a Comment
Read more

Best Sample papers for Bank PO Exam Download

Sample papers for Bank PO Exam | Question Paper for Bank PO : Institute of banking Personnel Selection (IBPS) Department issued a Notification of IBPS PO 2017  exam announced in October month. IBPS Probationary Officer (PO) Online Application Form process will be begin from July 2017. This is a hard exam for all students so aware of its value. Large number of  candidates will participate in this exam. So all candidates should prepare well for it. Check out IBPS, Bank PO Sample papers, Question Paper Pattern, SBI  PO Syllabus ,   IBPS Syllabus  and other IBPS PO Preparation 2017 This paper is identical to any Bank PO Question Paper Pattern. Check whole IBPS Bank “PO question paper” subject wise. IBPS (PO) Paper Pattern Analysis with Syllabus and main topics of IBPS Exam 2017. PO Question Paper Pattern, Bank PO sample Papers for IBPS Bank Exam IBPS PO Exam will be conducted at three levels 1st- PO Preliminary Exam 2nd- PO Mains Exam 3rd- PO Common ...
Post a Comment
Read more

Online/Offline CBSE Coaching Classes for class 9

CBSE Coaching Class 9 :-   In a move to make the digital India and Skill India dream into a reality, we are providing the best courses to our students in e-learning mode. Our program consists of entire 9th class syllabus in a fun learning method with various ways like sounds and animations. Our content is in 2-D & 3-D animation for better understanding of students. So That students will be understand every thing clearly and it makes the learning easy and entertaining. We are offering the following subjects for class 9th Standard:   Maths Class Physics Class Chemistry Class Biology Class Our E-learning provides the best and trained teachers with highly qualified for the respective subjects, they help to improve the students’ performance and to teach the every concept clear and easy in better way. Our main motive is to help students to learn well and gain more marks with making  their basic concept strong and good knowledge base ...
Post a Comment
Read more