Question
Which of the following is not an essential condition for
perfect competition?Solution
The essential conditions for perfect competition in a market are: 1. homogeneous products 2. many sellers and buyers 3. freedom of entry and exit 4. firms are price takers and not price makers
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Consider that 'A' and 'B' were collectively paid Rs. 9,000 for a job. Out of this amount, 'B' received Rs. 3,000. If 'B' can finish this task solo in 48...
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