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प्रश्न
Define monopoly.
What is meant by a monopoly market?
उत्तर
A monopoly is a market situation in which a single firm sells a commodity, and there is no close substitute for the commodity the monopolist sells.
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संबंधित प्रश्न
“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
A seller cannot influence the market price under:
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 |
Imperfect knowledge is a characteristic feature of:
Which of the following market types has the fewest number of firms?
Products sold by each firm in a perfectly competitive market are perfect substitutes of each other.
State two important characteristics of monopoly.
What is meant by product differentiation?
Identify the market form of the following:
Market for toilet soaps in India.
Identify the market form for the following:
Perfectly elastic demand.
State the market form of the following commodity.
Fighter Aircrafts
Identify the market form for the item given below:
Product differentiation
Give an example of monopoly.
Discuss any four differences between monopoly and monopolistic competition.
Why can a monopolist charge different prices in different markets?
What is meant by barriers to entry?
Elaborate the price discrimination feature of monopoly.
There is inverse relation between price and demand for the product of a firm under ______.
There are a large number of buyers and sellers under a ______ market.
