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प्रश्न
Answer the following question
What are the features of monopoly?
उत्तर
The following are the features of a monopoly:
i. Single seller/firm/industry - In a monopoly, there exists only one seller or a group of individuals owning a single firm.
ii. Price maker - Since a monopolistic firm is the only firm in the market, it has total freedom to fix the price level that can maximise its profit. Therefore, it can be said that a monopolist firm is a price maker.
iii. Perfect knowledge - It is assumed that a monopolist has perfect knowledge about the different conditions prevailing in the market. He is well informed about the types of demand prevailing in different markets segments and determines the price of his product accordingly.
iv. Price discrimination - A monopolistic firm enjoys the freedom to engage in price discrimination. That is, it can sell the same product to different buyers at different prices at different time periods.
v. Restricted entry of new firms- The entry into the monopolist market is restricted. In other words, no new firm can enter the monopoly market. There may be various legal barriers such as, patent rights, cartel laws, exclusive rights, etc. to restrict the entry of the new firms.
vi. Possibility of super normal profits: A monopolist firm has complete control over his decisions regarding price and output. The decision is taken taking into consideration the profit motive. At times higher price is charged and at times supply is restricted to earn greater profits.
vii. Firm is the industry: As the monopoly firm is the single firm in the market there is no distinction between the firm and the industry.
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संबंधित प्रश्न
Features of Monopolistic Competition.
What are the features of perfect competition.
Explain the features of monopoly.
Homogenous product’ is a characteristic of : (choose the correct alternative)
(a) Perfect competition only
(b) Perfect oligopoly only
(c) Both (a) and (b)
(d) None of the above
There is inverse relation between price and demand for the product of a firm under:
(choose the correct alternative)
(a) Monopoly only
(b) Monopolistic competition only
(c) Both under monopoly and monopolistic competition
(d) Perfect competition only
Explain the implications of the following in a perfectly competitive market:
Large number of buyers
Explain the implications of the following in an oligopoly market:
Inter- dependence between firms
Differentiated products is a characteristic of: (Choose the correct alternative):
(a) Monopolistic competition only
(b) Oligopoly only
(c) Both monopolistic competition and oligopoly
(d) Monopoly
Demand curve of a firm is perfectly elastic under: (Choose the correct alternative)
(a) Perfect competition
(b) Monopoly
(c) Monopolistic competition
(d) Oligopoly
Explain the implications of the following in a perfectly competitive market :
Large number of sellers
Explain the implications of the following in a perfectly competitive market :
Homogeneous products.
Explain the implications of the following in an oligopoly market: Barriers to entry of new firms
Explain the implications of the following in an oligopoly market: A few or a few big sellers
‘A few big sellers’ is a characteristics of : (choose the correct alternative)
a. Perfect competition
b. Monopolistic competition
c. Oligopoly
d. None of the above
Explain the implications of the following : Product differentiation in monopolistic competition.
What is price-maker firm?
Which of the characteristics separates it from perfect competition and why?
Explain the implications of the following in an oligopoly market:
Non-price competition
Average revenue and Price are always equal under:(choose the correct alternative)
(a) Perfect competition only
b) Monopolistic competition only
(c) Monopoly only
(d) All market forms
Explain the 'free entry and exit of firms' feature of monopolistic competition.
Distinguish between perfect oligopoly and imperfect oligopoly. Also, explain the interdependence between the firms' feature of oligopoly.
Price discrimination is possible under monopoly.
Define or Explain the following concepts
Monopoly
Explain the significance of the feature 'product differentiation' in monopolistic competition.
Define monopoly.
What can you say about the number of buyers and sellers under monopolistic competition?
Answer the following question :
What are the features of monopolistic competition ?
Give reason or explain the following.
Price discrimination is possbile under monopoly.
Fill in the blank with proper alternatives given in the bracket:
Under monopoly there is existence of ______________ .
Define or Explain :
Average revenue.
State whether the following statement is True or False with reason:
Perfect competition means pure competition.
Distinguish between :
Output method and Expenditure method.
Distinguish between Any FOUR of the following :
Consumption expenditure and Investment expenditure.
State with reasons, whether you Agree or Disagree with the following statements.
Perfect competition is an imaginary concept.
Give reasons or explain the following statements
There is single price in perfect competition.
Answer the following question
What are the features of Perfect Competition?
Answer the following question
What are the features of monopolistic competition?
State with reason whether you agree or disagree with the following statement
A seller is price maker in monopoly.
Answer in detail
What is monopoly? Explain in detail the features of monopoly?
Write short note on the following:
Features of pure competition
Distinguish between the following:
Perfect competition and Pure competition
Distinguish between the following:
Perfect competition and Monopoly
Distinguish between the following:
Natural monopoly and legal monopoly
Distinguish between the following:
Perfect competition and Monopolistic competition
Distinguish between the following:
Natural monopoly and Social monopoly
Define or explain the following concept:
Selling cost
Give reason or explain:
Single price prevails in perfect competition.
Give reason or explain:
Selling cost is incurred by a firm in Monopolistic competition.
Give reason or explain:
Sellers and the buyers are price takers in perfect competition.
State whether the following statement is TRUE and FALSE.
There is no price discrimination under Monopolistic competition.
State whether the following statement is TRUE and FALSE.
In a monopoly market, firm and industry are the same.
Match the following:
|
Group A
|
Group B
|
|
Monopoly
|
Public monopoly
|
|
Product differentiation
|
Abnormal profit
|
|
Railway
|
Monopolistic Competition
|
|
Perfect Competition
|
Prof. Chamberlin
|
|
Pure Competition
|
Homogenous product
|
|
|
Cartel
|
|
|
Selling cost
|
Fill in the blank with appropriate alternative given below
Under perfect competition commodities are ________________ in nature.
Fill in the blank with appropriate alternative given below
_____________ appears in a monopoly market.
Fill in the blank with appropriate alternative given below
In ________ market, seller creates products differentiation.
Fill in the blank with appropriate alternative given below
Monopolist means __________ competitive.
Answer the following question.
What is the reason for an indeterminate demand curve under Oligopoly?
Distinguish between perfect competition and monopolistic competition on the basis of the following:
(a) Number of sellers
(b) Nature of product
(c) Selling cost
In an economic sense, the market includes the following activities
- The place where goods are sold and purchased.
- An arrangement through which buyers and sellers come in close contact with each other directly or indirectly.
- A shop where goods are sold.
- All of the above.
Observe the table and answer the question:
| Price of banana (per dozen) in ₹ | Demand (in dozen) | Supply (in dozen) | Relation between DD and SS |
| 10 | 500 | 100 | DD > SS |
| 20 | 400 | _____ | DD > SS |
| 30 | _____ | 300 | DD = SS |
| 40 | 200 | _____ | DD < SS |
| 50 | ______ | 500 | DD < SS |
Fill in the blanks in the above schedule.
Find the odd word
Selling cost -
In which one of the following types of markets are Average Revenue curve and Market Demand curve the same?
