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. Product differentiation exists
B. Firms are price takers
C. Firms are price makers
D. Barriers to entry exist
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 'GST' regime in India has subsumed which of the following state taxes?
A. Wealth tax
B. Income tax
C. Customs duty
D. Entry tax
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Correct Answer: Option D

Explanation:
GST subsumed state taxes like entry tax, purchase tax and VAT.
This question belongs to: Economy GK Economy Set 1
Question #2
The 'Nairobi Package' of WTO was adopted in which year?
A. 2017
B. 2013
C. 2019
D. 2015
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Correct Answer: Option D

Explanation:
The Nairobi Package was adopted in 2015.
This question belongs to: Economy GK Economy Set 1
Question #3
The short-run average cost curve is U-shaped mainly due to:
A. external economies
B. the law of variable proportions
C. constant returns to scale
D. economies of scale
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Correct Answer: Option B

Explanation:
In the short run, U-shaped average cost arises from the law of variable proportions.
This question belongs to: Economy GK Economy Set 1
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