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प्रश्न
Distinguish between perfect competition and monopolistic competition on the basis of the following:
(a) Number of sellers
(b) Nature of product
(c) Selling cost
उत्तर
The difference between perfect competition and monopolistic competition is given as follows:
| Basis | Perfect Competition | Monopolistic Competition |
| Number of Sellers | Under Perfect Competition market, there exist a large number of sellers for a particular commodity. | Under the Monopolistic Competition market, there exists a large number of sellers for a commodity. |
| Nature of Product | Firms under Perfect Competition, sell homogeneous products that are perfect substitutes of each other. | Firms under this market structure produce similar yet differentiated products that are 'close' substitutes of each other. |
| Selling Cost | No selling cost is required. | The selling cost is very significant. |
संबंधित प्रश्न
What are the features of perfect competition.
The objective of a seller in monopoly market is...............................
(loss \ profit \ negative profit \ zero profit)
Homogenous product’ is a characteristic of : (choose the correct alternative)
(a) Perfect competition only
(b) Perfect oligopoly only
(c) Both (a) and (b)
(d) None of the above
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
Average revenue and Price are always equal under:(choose the correct alternative)
(a) Perfect competition only
b) Monopolistic competition only
(c) Monopoly only
(d) All market forms
Explain the 'free entry and exit of firms' feature of monopolistic competition.
Define or Explain the following concepts
Monopoly
Define monopoly.
What can you say about the number of buyers and sellers under monopolistic competition?
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
Perfect Competition means Monopolistic Competition.
Answer in detail
What is Perfect Competition? Explain price determination under Perfect Competition.
Distinguish between the following:
Perfect competition and Monopoly
Distinguish between the following:
Perfect competition and Monopolistic competition
Distinguish between the following:
Natural monopoly and Social monopoly
Give reason or explain:
Price discrimination is possible under monopoly.
State whether the following statement is TRUE and FALSE.
Product differentiation is not possible under perfect competition.
Match the following:
|
Group A
|
Group B
|
|
Monopoly
|
Public monopoly
|
|
Product differentiation
|
Abnormal profit
|
|
Railway
|
Monopolistic Competition
|
|
Perfect Competition
|
Prof. Chamberlin
|
|
Pure Competition
|
Homogenous product
|
|
|
Cartel
|
|
|
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)
