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प्रश्न
What do you mean by homogeneous products?
उत्तर
Homogeneous products refer to those products which are identical in all respects like quality, colour, size, design, brand name etc. The buyer does not distinguish the output of one firm from that of the other.
संबंधित प्रश्न
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’.
Firm A hires the services of Rohit Sharma to act as the Brand ambassador for its products X. Identify the nature of market for commodity X.
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:
Indian Railways is an example of ______.
Indian Oil Corporation Limited is an example of a/an ______.
Match the following and select the correct option.
| Column I | Column II | ||
| (i) | Perfectly elastic demand | (A) | Oligopoly |
| (ii) | Less elastic demand | (B) | Monopolistic competition |
| (iii) | More elastic demand | (C) | Perfect competition |
| (iv) | Indeterminate demand | (D) | Monopoly |
Which of these feature's is found in both a perfectly competitive market and a monopolistically competitive 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.
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.
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.
What is meant by pure competition?
Highlight the importance of selling costs in a monopolistically compatible market.
Identify the market form of the following:
The Government of India is the sole buyer of fighter aircrafts.
Identify the market form for the item given below:
Product differentiation
Name the market in which there is a single buyer and many sellers.
To which market is price discrimination relevant?
Why can a monopolist charge different prices in different markets?
What is meant by the term 'price taker'?
