Identify the correctly matched pair in Column A and Column B from the following Column A 1 Prod...........

Economics (CUET) Theory of firm under perfect Competition

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Identify the correctly matched pair in Column A and Column B from the following:

Column A:

(1) Product differentiation

(2) Firms sell homogeneous products

(3) Optimal allocation of resources in the long run

(4) Firms are price makers

Column B:

(a) Feature of Perfect Competition

(b) Feature of Perfect Competition

(d) Advantage of Perfect Competition

1-(a)

2-(b)

3-(c)

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Explanation:

Option (2) is correct.
Explanation: The important feature of perfect competition is that firms sell homogeneous products. Homogeneous products which are same in quality, size, colour etc. They are not
different from each other and hence they are perfect substitutes of each other.