Which of the following is a feature of a perfectly competitive market? MCQ with Answer and Explanation

Question
Which of the following is a feature of a perfectly competitive market?
A. Firms are price makers
B. Firms are price takers
C. Barriers to entry exist
D. Product differentiation exists
Answer: Option B
Solution (By JKSSB Mock Tests)
In perfect competition, individual firms are price takers because the market price is determined by industry demand and supply, and no single firm can influence it.
This question belongs to: Economy GK Economy Set 1
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Question #1
The 'base year' for the current CPI-IW series is:
A. 2012
B. 2016
C. 2001
D. 2011-12
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Correct Answer: Option B

Explanation:
The current CPI-IW series has base year 2016.
This question belongs to: Economy GK Economy Set 1
Question #2
The 'Norges Bank Investment Management' manages the sovereign wealth fund of:
A. UAE
B. Norway
C. China
D. Saudi Arabia
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Correct Answer: Option B

Explanation:
Norges Bank Investment Management manages Norway's Government Pension Fund Global.
This question belongs to: Economy GK Economy Set 1
Question #3
The concept of 'Break-even Point' in economics refers to:
A. The level of output where total revenue equals total cost
B. The level of output where marginal cost is minimum
C. The level of output where profit is maximum
D. The level of output where average cost is maximum
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Correct Answer: Option A

Explanation:
The break-even point is the level of output at which total revenue equals total cost, so that economic profit is zero.
This question belongs to: Economy GK Economy Set 1
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