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प्रश्न
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
उत्तर
The correct option is (c). All firms in a monopolistic competitive market and oligopoly market sell a product which is not a perfect substitute but a close substitute of each other. Hence, the characteristic of a differentiated product prevails under both forms of market.
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संबंधित प्रश्न
Features of Monopolistic Competition.
What are the features of perfect competition.
Explain the implications of the following in a perfectly competitive market:
Large number of buyers
Explain the implications of the following in a perfectly competitive market :
Homogeneous products.
Explain the implications of the following in an oligopoly market: Barriers to entry of new firms
What is price-maker firm?
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.
In monopolistic completion, goods have no close substitutes.
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.
Give reasons or explain the following statements
There is single price in perfect competition.
Write short note on the following:
Features of pure competition
Distinguish between the following:
Perfect competition and Monopolistic competition
Define or explain the following concept:
Monopolistic 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.
Product differentiation is not possible under perfect competition.
Answer the following question.
What is the reason for an indeterminate demand curve under Oligopoly?
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.
