Which of the following are the features of pure competition?
1. Large number of buyers and sellers
2. Freedom of entry and exit
3. Perfect homgeneity
4. Mobility of resources
Select the correct answer

A. Capital loss B. Production cost C. Dead-weight loss D. Depreciation

A. Ricardo B. Marshall C. Heckscher & Ohlin D. Haberler

A. On a linear demand curve, all the five forms of elasticity can be depicted B. If two demand curves are linear and intersecting each other, then, coefficient of elasticity would be same on different demand curves at the point of intersection. C. If two demand curves are linear and parallel to each other, then, at a particular price, the coefficient of elasticity would be different on different demand curves. D. The price elasticity of demand is expressed in terms of relaive not absolute changes in Price and Quantity demanded.

A. Increase B. Decrease C. Remain the same D. Become zero