Advertisements
Advertisements
प्रश्न
Discuss any two features of a monopolistically competitive market.
Give two characteristics of monopolistic competition.
State two features of monopolistic competition.
Explain three important features of monopolistic competition.
Describe the main features of monopolistic competition.
Explain two important features of monopolistically competitive market.
उत्तर
The following are the features of monopolistic competition:
- Large Number of Buyers and Sellers: A monopolistically competitive industry contains a large number of firms, each of which is relatively small compared to the overall size of the market. This ensures that all firms are relatively competitive. In particular, each firm has hundreds or even thousands of potential competitors.
- Non-Price Competition: Another important feature of monopolistic competition is the non-price competition. All the firms try to capture the market through various methods of competition other than price cutting. These methods may be the guarantee of free repairs, after-sale service, gift scheme with a particular purchase, special discount on a particular purchase, etc.
- Firms produce differentiated products: Products sold by different sellers are closely differentiated from each other. It may be on account of different brand names, packing, shape, the friendly behaviour of the seller or any other consideration.
- Freedom of entry and exit to firms: There is freedom of the firms to enter into the industry or leave the industry.
Notes
Students should refer to the answer according to their questions.
APPEARS IN
संबंधित प्रश्न
How is Perfect competitive market is different from a monopoly market?
Justify the following statement with any two valid arguments. 'In a perfect competition market structure, an individual firm does not have any role in determining price’.
What is the shape of the demand curve faced by any monopoly firm? Support your answer with a diagram.
“While shopping for fruits in the local market you see many seller selling fruits”. In this context answer the following:
- What is the type of market referred to?
- State and draw the type of demand curve faced by the market above.
- Differentiate between the market indicated above and monopoly on the basis of:
- No. of sellers
- Market price
- Entry and exit of firms in the market
Following is not the feature of perfect competition:
'A few big sellers' is a characteristic of ______.
A seller cannot influence the market price under:
A monopolist is price maker:
"The price of a product under perfect competition is determined by an individual seller."
Observe the relationship of the first pair of words and complete the second pair.
Single seller in the market : Monopoly
Single buyer in the market : ______
Read the given statements carefully and select the correct option.
- The number of sellers under oligopoly are small.
- In monopolistically competitive markets, buyers and sellers have perfect knowledge about the market conditions.
Which one of the following is NOT found in a perfectly competition market?
Give three points of difference between perfect competition and monopoly.
Explain any four features of perfect competition.
Which type of market structure is the following? Give reason.
Trucks
Which type of market structure is the following? Give reason.
Ball-pen
What is meant by the term 'price taker'?
What is the difference between perfect and imperfect oligopoly?
Identify the market form from the following:
A few large sellers
Why an individual firm under perfect competition cannot influence the market price?
