11. Large numbers of undifferentiated buyers and sellers.

13. There are many competitors acting independently.

14. Market price must be flexible over a period of time.

15. No obstacle to the entry or withdrawal of the firms.

16. Equal excess to production techniques.

19. Method of analysis used by marshall .

20. He suggested three periods of time-

21. Market period

22. Short period

24. In pure competition marginal revenue = average revenue.

26. Decision to operate at loss or shut down and why should continue in losses?

44. Each oligopolist is aware of the actions of others

48. Barriers to Entry

49. Interdependence

50. Rigid Prices

51. Mergers

57. A single firm sets industry price