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प्रश्न
The seller in a monopoly market is a price maker.
विकल्प
True
False
उत्तर
This statement is True.
Explanation:
In a monopoly market, the seller sets the price since they are the lone provider of a product or service with no close substitutes. Because there are no competitors to affect market prices, the monopolist has considerable pricing power.
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संबंधित प्रश्न
What is the shape of the demand curve faced by any monopoly firm? Support your answer with a diagram.
A market where homogeneous products are sold with no control over price by an individual firm or a buyer is ______.
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.
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 |
There are no substitute goods in a monopoly market. Give a reason to support your answer.
Define monopoly.
Discuss any four differences between monopoly and monopolistic competition.
Product differentiation is practised in monopolistic competition? Give reasons.
With the help of an example explain the meaning of price discrimination.
What does perfectly elastic demand curve faced by a competitive firm indicate?
