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प्रश्न
What is meant by the term 'price taker'?
उत्तर
Price taker means that an individual firm has no option but to sell its product at market determined price.
संबंधित प्रश्न
Which two forms of market earn normal profit in the long run?
A monopolist is price maker:
There is no difference between perfect competition and pure competition.
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.
Products sold by each firm in a perfectly competitive market are perfect substitutes of each other.
The market structure which is characterised by a single producer of a commodity and when there are not close substitutes for that commodity:
What is meant by pure competition?
Producers in a monopoly are price makers. Briefly explain.
There are no substitute goods in a monopoly market. Give a reason to support your answer.
Give two characteristics of perfect competition.
What is meant by product differentiation?
State the advantage of monopolistic competition over monopoly.
Identify the market form of the following:
Motor car market in India.
Identify the market form of the following:
Market for toilet soaps in India.
Identify the market form for the following:
Telecom industry in India.
Give an example of price discrimination.
Explain the main characteristics of a monopoly.
Monopolistic competition is the perfect blending of monopoly and perfect competition. Explain.
Give two examples of monopolistically competitive market.
Identify the market form from the following.
Price discrimination
