state gov Kerala PSC Degree (Common Preliminary Examination) Mock Test Series 2025 General Knowledge Economy Microeconomics
Consider the following statements regarding the features of a Perfectly Competitive Market:
1. The market consists of a large number of buyers and sellers
2. Each firm produces and sells heterogeneous products
3. Entry into and exit from the market are free for firms.
Which of the above statements are correct?
1
1 and 2 only
2
2 and 3 only
3
1 and 3 only
4
1, 2 and 3