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31 July, 02:58

In a perfectly competitive market

A. Price exceeds marginal revenue for each unit sold

B. Average revenue exceeds marginal revenue for each unit sold

C. Administrative barriers can make it difficult for firms to enter an industry

D. No seller can influence the price of the prduct

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Answers (1)
  1. 31 July, 04:02
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    D. No seller can influence the price of the product

    Explanation:

    A perfect market for competition is a market which has a high level of competition.

    It has the following features-

    1. With regard to the market, knowledge is perfect in this rivalry between producer and consumer.

    2. Free entry, and exit

    3. Deals with same or homogeneous products

    4. The buyers and sellers are more in this market

    5. There is no transport cost

    Moreover, the average revenue and the marginal revenue are equal.

    So, the correct option is D.
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