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प्रश्न
Distinguish between perfect oligopoly and imperfect oligopoly. Also, explain the interdependence between the firms' feature of oligopoly.
उत्तर
| Perfect oligopoly | Imperfect oligopoly |
| If the firms produce the homogeneous the product then it is called perfect oligopoly. |
If the firm produces differentiated products then it is called imperfect oligopoly. |
| It is rare to find this type of situation. Examples: cement, steel, aluminium and chemical producing industries |
Examples: Passenger cars, cigarettes and soft drinks. |
Feature 'interdependence of firms' in an oligopoly market: In a market, the price and level of the output of one firm impact the price and level of the output of rival firms. Keeping this impact in mind, a firm decides the price and output in accordance with prevailing market conditions. Hence, a high degree of interdependence exists among competing firms, especially with regard to price and quantity of output.
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संबंधित प्रश्न
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 sellers
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.
Explain the implications of the following in a perfectly competitive market:
Freedom of entry and exit to firms
A seller cannot influence the market price under (choose the correct alternative)
a) Perfect competition
b) Monopoly
c) Monopolistic competition
d) All of the above
What is meant by collusive oligopoly?
Define or Explain the following concepts
Monopoly
Explain the significance of the feature 'product differentiation' in monopolistic competition.
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 Perfect Competition?
State with reason whether you agree or disagree with the following statement
Perfect Competition means Monopolistic Competition.
Distinguish between the following:
Natural monopoly and Social monopoly
Define or explain the following concept:
Monopolistic Competition
Give reason or explain:
Single price prevails 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.
Product differentiation is not possible under perfect competition.
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.
