In a socialist country all the means of production are owned and operated by_____________.
Private sector
Public sector
Both
None of these
_______________ are neither fully competitive nor fully monopolistic.
Monopolistic competition
Oligopoly
a and b
Perfect competition
In perfect competition, prices are determined by ______________________
Single firm
Two firm
Three firms
Industry
In a monopolistic market, goods are __________________
Homogenous
Heterogeneous
Differentiated
Product homogeneity is a feature of _____________.
Imperfect competition
Market needs to exist in some geographical place. This statement is.
Absolutely true
Absolutely false
Only partially correct
Available information is incomplete
Perfect competition is characterized by ___________________
Large number of firms
Homogenous product
Individual firm can't influences price
All of these
Which one is not the characteristics features of perfect competition?
large number of firms
Homogenous products
Individual firm influences price
Individual cannot influence price
Closed entry is the features of _______________ markets.
both a and b
Monopoly
_____________ refers to the types of market in which the firms operate.
Market structure
Competitive market
Oligopoly market
