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      Question

      A market characterized by large number of sellers and

      buyers and homogenous product is known as
      A Monopoly Correct Answer Incorrect Answer
      B Oligopoly Correct Answer Incorrect Answer
      C Perfect Correct Answer Incorrect Answer
      D None of these Correct Answer Incorrect Answer

      Solution

      Perfect competition is a type of market where there are large number of buyers and sellers who deals in homogeneous product due to which no individual unit is able to influence the price of the product and the firms have to quote the price that prevails in the market because of the customer's knowledge about the price.

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