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प्रश्न
Answer the following question.
Elaborate three main features of a monopoly form of market.
उत्तर
The features of a monopoly form of the market are given as follows:
- Single seller/firm/industry - In a monopoly market there exist only one individual seller or a group of individuals owning a single firm. As, there is only one firm in the industry, so the firm itself is regarded as the whole industry. The sole control over the production and supply of output rests on the monopolist’s decision.
- 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.
- A monopolist is a price maker - Since a monopolist firm is a single firm in the market, therefore, it enjoys full control over the price and output decisions. The monopolist has the total freedom to fix the price level, which maximises his profit. Therefore, it can be said that a monopoly firm is a price-maker.
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संबंधित प्रश्न
What are the features of perfect competition.
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 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 in an oligopoly market:
Non-price competition
What is meant by collusive oligopoly?
Answer the following question :
What are the features of monopolistic competition ?
Write short note on the following:
Features of pure competition
Distinguish between the following:
Perfect competition and Monopoly
Distinguish between the following:
Perfect competition and Monopolistic competition
Give reason or explain:
Price discrimination is possible under monopoly.
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.
Fill in the blank with appropriate alternative given below
In ________ market, seller creates products differentiation.
Answer the following question.
What is the reason for an indeterminate demand curve under Oligopoly?
Features of oligopoly market:
- There are few firms or sellers.
- Sellers sell differentiated product.
- There is free entry and exit of firms.
- There is considerable element of uncertainty in this type of market.
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?
