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प्रश्न
Give three points of difference between perfect competition and monopoly.
Discuss three differences between a perfectly competitive market and a monopoly.
उत्तर
| Sr. No. | Basis | Perfect competition | Monopoly |
| 1. | No. of sellers | There are very large number of sellers in the market. | There is a single firm in the market. |
| 2. | Price | There is a single firm in the market. | There is a single firm in the market. |
| 3. | Nature of product | Each firm produces and sells homogeneous product. | The firm produces and sells such product which does not have close substitutes in the market. |
Notes
Students should refer to the answer according to their questions.
संबंधित प्रश्न
Which of the following market types has the fewest number of firms?
Read the following statements carefully and choose the correct alternative:
Assertion (A): Price discrimination is possible under monopoly.
Reason (R): A monopolist can charge different prices in different markets because different sets of consumers - rich and poor - have different price elasticity of demand for the monopolist's product.
What is meant by pure competition?
State the advantage of monopolistic competition over monopoly.
In which form of market do producers and consumers have perfect knowledge about the market conditions?
Discuss any four differences between monopoly and monopolistic competition.
Product differentiation is practised in monopolistic competition? Give reasons.
What do you mean by homogeneous products?
To which market form are homogeneous products relevant?
Identify the market form from the following.
Perfect knowledge
