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The Theory Of The Firm Under Perfect Competition

Question

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In oligopoly market, there are large number of buyers and sellers of the product.

Solution

False; In oligopoly market there are a few sellers (say 3 to 6) and a large number of buyers.

Some More Questions From The Theory Of The Firm Under Perfect Competition Chapter

What do you understand by the term market?

What is meant by market structure?

What is perfect competition?

Name the market structure in which firm is itself an industry.

Define the term market as used in economics.

What is meant by monopolistic competition?

What are selling costs?

Define homogeneous product.

What is meant by differentiated product?

Define perfect competition.

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