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प्रश्न
Monopolistic competition is the perfect blending of monopoly and perfect competition. Explain.
उत्तर
Monopolistically competition market is a blend of both perfectly competition and monopoly market.
Features of Perfectly Competitive Market:
- Large number of firms.
- No barriers to entry or exit.
Features of Monopoly Market:
- Product differentiation refers to how each company creates a product that differs slightly from that of rivals.
- Close substitutes but no perfect substitutes.
संबंधित प्रश्न
Indian Oil Corporation Limited is an example of a/an ______.
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 : ______
Which of the following statements are true?
- Monopolistically competitive markets have high selling costs.
- Monopolistically competitive markets sell homogeneous goods.
- Any firm can start a business in a monopolistically competitive market.
Match the following:
| Column I | Column II | ||
| A. | Monopoly | (i) | Availability of close substitutes |
| B. | Oligopoly | (ii) | Absence of close substitutes |
| C. | Perfect competition | (iii) | Few large sellers |
| D. | Monopolistic competition | (iv) | Homogeneous products |
Read the following statements carefully and choose the correct alternative:
Assertion (A): Under Perfect Competition, each firm faces a perfectly elastic demand curve.
Reason (R): Firm is a price maker under perfect competition.
There are no substitute goods in a monopoly market. Give a reason to support your answer.
What is meant by oligopoly?
What is meant by product differentiation?
Why is there no need for selling cost under perfect competition?
Identify the market form of the following:
Market for toilet soaps in India.
Identify the market form for the following:
Railways in India.
State the market form of the following commodity.
Fighter Aircrafts
Identify the market form for the item given below:
Homogeneous goods
In which form of market do producers and consumers have perfect knowledge about the market conditions?
Explain the main characteristics of a monopoly.
To which market is price discrimination relevant?
Which market form has the least number of producers?
What induces new firms to enter an industry?
Identify the market form from the following.
Firm is a price maker.
What is a price making firm?
