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प्रश्न
Answer the following question
What are the features of Perfect Competition?
उत्तर
The following are the features of perfect competition are as follows:
i. Large number of buyers and sellers - Under perfect competition, there are a large number of buyers and sellers. The number of sellers is so large that no individual firm has control over the market price of the commodity.
ii. Free entry and exit of firms - There is no restriction on the entry and exit of firms. This free entry and exit of the firms ensure that no firm earns either abnormal losses or abnormal profits in the long run.
iii. Homogeneous product - The product of each and every firm in the perfectly competitive market is a perfect substitute to others’ products in terms of quantity, quality, colour, size, features, etc.
iv. Perfect knowledge - In a perfectly competitive market, the buyers are aware of the prevailing market price of the product at different places and the sellers are aware of the prices at which the buyers are willing to buy the product.
v. Perfect mobility of factors of productions: In a perfect competition the factors of production are perfectly mobile. Such mobility implies that there is optimum utilisation of the factors of production.
vi. Absence of transport cost: In a perfect competition it is assumed that there is no transport cost. This further ensures that there is uniform price in the market.
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संबंधित प्रश्न
State whether the following statement is True or False
Product differentiation is the most distinguishing feature of monopolistic competition.
Features of Monopolistic Competition.
What are the features of perfect competition.
The objective of a seller in monopoly market is...............................
(loss \ profit \ negative profit \ zero profit)
Explain the features of monopoly.
There is inverse relation between price and demand for the product of a firm under:
(choose the correct alternative)
(a) Monopoly only
(b) Monopolistic competition only
(c) Both under monopoly and monopolistic competition
(d) Perfect competition only
Explain the implications of the following in a perfectly competitive market:
Large number of buyers
Explain the implications of the following in an oligopoly market:
Inter- dependence between firms
Giving reason, state whether the following statement is true or false.
A Monopolist can sell any quantity he likes at a price.
Demand curve of a firm is perfectly elastic under: (Choose the correct alternative)
(a) Perfect competition
(b) Monopoly
(c) Monopolistic competition
(d) Oligopoly
Explain the implications of the following in a perfectly competitive market :
Large number of sellers
Explain the implications of the following in an oligopoly market: Barriers to entry of new firms
Explain the implications of the following in an oligopoly market: A few or a few big sellers
Explain the implications of the following : Product differentiation in monopolistic competition.
Which of the characteristics separates it from perfect competition and why?
Explain the implications of the following in an oligopoly market:
Non-price competition
Explain the 'free entry and exit of firms' feature of monopolistic competition.
Distinguish between perfect oligopoly and imperfect oligopoly. Also, explain the interdependence between the firms' feature of oligopoly.
What is meant by collusive oligopoly?
In monopolistic completion, goods have no close substitutes.
Explain the significance of the feature 'product differentiation' in monopolistic competition.
What can you say about the number of buyers and sellers under monopolistic competition?
Answer the following question :
What are the features of monopolistic competition ?
Give reason or explain the following.
Price discrimination is possbile under monopoly.
Fill in the blank with proper alternatives given in the bracket:
Under monopoly there is existence of ______________ .
State whether the following statement is true or false.
There is no product differentiation under monopolistic competition.
Define or Explain :
Average revenue.
State whether the following statement is True or False with reason:
Perfect competition means pure competition.
Distinguish between :
Output method and Expenditure method.
Distinguish between Any FOUR of the following :
Consumption expenditure and Investment expenditure.
State with reasons, whether you Agree or Disagree with the following statements.
Perfect competition is an imaginary concept.
Answer the following question
What are the features of monopoly?
Answer the following question
What are the features of monopolistic competition?
State with reason whether you agree or disagree with the following statement
A seller is price maker in monopoly.
Answer in detail
What is Perfect Competition? Explain price determination under Perfect Competition.
Answer in detail
What is monopoly? Explain in detail the features of monopoly?
Distinguish between the following:
Perfect competition and Pure competition
Distinguish between the following:
Perfect competition and Monopoly
Distinguish between the following:
Natural monopoly and legal monopoly
Distinguish between the following:
Perfect competition and Monopolistic competition
Distinguish between the following:
Natural monopoly and Social monopoly
Define or explain the following concept:
Monopolistic Competition
Define or explain the following concept:
Selling cost
Give reason or explain:
Single price prevails in perfect competition.
Give reason or explain:
Price discrimination is possible under monopoly.
Give reason or explain:
Selling cost is incurred by a firm in Monopolistic competition.
Give reason or explain:
A monopolist can control the supply of goods.
Give reason or explain:
Sellers and the buyers are price takers in perfect competition.
State whether the following statement is TRUE and FALSE.
There is no price discrimination under Monopolistic competition.
State whether the following statement is TRUE and FALSE.
In a monopoly market, firm and industry are the same.
State whether the following statement is TRUE and FALSE.
Product differentiation is not possible under perfect competition.
Fill in the blank with appropriate alternative given below
Under perfect competition commodities are ________________ in nature.
Fill in the blank with appropriate alternative given below
_____________ appears in a monopoly market.
Fill in the blank with appropriate alternative given below
In ________ market, seller creates products differentiation.
Fill in the blank with appropriate alternative given below
Monopolist means __________ competitive.
Answer the following question.
Elaborate three main features of a monopoly form of market.
Distinguish between perfect competition and monopolistic competition on the basis of the following:
(a) Number of sellers
(b) Nature of product
(c) Selling cost
In an economic sense, the market includes the following activities
- The place where goods are sold and purchased.
- An arrangement through which buyers and sellers come in close contact with each other directly or indirectly.
- A shop where goods are sold.
- All of the above.
Observe the table and answer the question:
| Price of banana (per dozen) in ₹ | Demand (in dozen) | Supply (in dozen) | Relation between DD and SS |
| 10 | 500 | 100 | DD > SS |
| 20 | 400 | _____ | DD > SS |
| 30 | _____ | 300 | DD = SS |
| 40 | 200 | _____ | DD < SS |
| 50 | ______ | 500 | DD < SS |
Fill in the blanks in the above schedule.
Features of oligopoly market:
- There are few firms or sellers.
- Sellers sell differentiated product.
- There is free entry and exit of firms.
- There is considerable element of uncertainty in this type of market.
Find the odd word
Selling cost -
In which one of the following types of markets are Average Revenue curve and Market Demand curve the same?
