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प्रश्न
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
उत्तर
The correct option is (c). All firms in a perfectly competitive market and perfect oligopoly market sell identical units of a product. Hence, the characteristic of a homogeneous product prevails under both the forms of market.
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संबंधित प्रश्न
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
Explain the implications of the following in a perfectly competitive market :
Large number of sellers
Explain the implications of the following in an oligopoly market: Barriers to entry of new firms
What is price-maker firm?
Explain the implications of the following in an oligopoly market:
Non-price competition
Define or Explain the following concepts
Monopoly
Explain the significance of the feature 'product differentiation' in monopolistic competition.
State whether the following statement is true or false.
There is no product differentiation under monopolistic competition.
State whether the following statement is True or False with reason:
Perfect competition means pure competition.
Distinguish between the following:
Perfect competition and Pure competition
Distinguish between the following:
Natural monopoly and legal monopoly
State whether the following statement is TRUE and FALSE.
In a monopoly market, firm and industry are the same.
Define 'or' explain the following concept.
Product Differentiation:
Answer the following question.
Elaborate three main features of a monopoly form of market.
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 -
PASSAGE
In India, markets for automobiles, cement, steel, aluminium, etc, are the examples of oligopolistic market. In all these markets, there are few firms for each particular product. Duopoly is a special case of oligopoly, in which there are exactly two sellers. Under duopoly, it is assumed that the product sold by the two firms is homogeneous and there is no substitute for it. Examples where two companies control a large proportion of a market are: (i) Pepsi and Coca-Cola in the soft drink market; (ii) Airbus and Boeing in the commercial large jet aircraft market.
Operating systems for smart phones and computers provide excellent examples of oligopolies in big tech. Apple iOS and Google Android dominate smart phone operating systems. Computer operating systems are overshadowed by Apple and Microsoft Windows.
- Give examples of oligopolistic market in India (1 mark)
- Explain the concept of duopoly with a suitable example from the passage (1 mark)
- Express your personal opinion based on the above information (2 marks)
