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प्रश्न
Define monopoly.
उत्तर
Monopoly is that market form which consists of only a single seller producing goods that have no close substitutes. This single firm caters to the needs of a large number of buyers.
APPEARS IN
संबंधित प्रश्न
Features of Monopolistic Competition.
Differentiated products is a characteristic of: (Choose the correct alternative):
(a) Monopolistic competition only
(b) Oligopoly only
(c) Both monopolistic competition and oligopoly
(d) Monopoly
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 a perfectly competitive market:
Freedom of entry and exit to firms
Explain the significance of the feature 'product differentiation' in monopolistic competition.
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 with reason:
Perfect competition means pure 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.
Write short note on the following:
Features of pure competition
Distinguish between the following:
Perfect competition and Monopolistic competition
Give reason or explain:
Price discrimination is possible under monopoly.
Give reason or explain:
Sellers and the buyers are price takers in perfect competition.
Fill in the blank with appropriate alternative given below
Monopolist means __________ competitive.
Distinguish between perfect competition and monopolistic competition on the basis of the following:
(a) Number of sellers
(b) Nature of product
(c) Selling cost
PASSAGE
In India, markets for automobiles, cement, steel, aluminium, etc, are the examples of oligopolistic market. In all these markets, there are few firms for each particular product. Duopoly is a special case of oligopoly, in which there are exactly two sellers. Under duopoly, it is assumed that the product sold by the two firms is homogeneous and there is no substitute for it. Examples where two companies control a large proportion of a market are: (i) Pepsi and Coca-Cola in the soft drink market; (ii) Airbus and Boeing in the commercial large jet aircraft market.
Operating systems for smart phones and computers provide excellent examples of oligopolies in big tech. Apple iOS and Google Android dominate smart phone operating systems. Computer operating systems are overshadowed by Apple and Microsoft Windows.
- Give examples of oligopolistic market in India (1 mark)
- Explain the concept of duopoly with a suitable example from the passage (1 mark)
- Express your personal opinion based on the above information (2 marks)
