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प्रश्न
Explain the features of monopoly.
उत्तर
Features of Monopoly:-
1. One Seller and Large Number of Buyers:-
The monopolist’s firm is the only firm; it is an industry. But the number of buyers is assumed to be large.
2. No Close Substitutes:-
There shall not be any close substitutes for the product sold by the monopolist. The cross elasticity of demand between the product of the monopolist and others must be negligible or zero.
3. Difficulty of Entry of New Firms:-
There are either natural or artificial restrictions on the entry of firms into the industry, even when the firm is making abnormal profits.
4. Monopoly is also an Industry:-
Under monopoly there is only one firm which constitutes the industry. Difference between firm and industry comes to an end.
5. Price Maker:-
Under monopoly, monopolist has full control over the supply of the commodity. But due to large number of buyers, demand of any one buyer constitutes an infinitely small part of the total demand. Therefore, buyers have to pay the price fixed by the monopolist.
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संबंधित प्रश्न
Features of Monopolistic Competition.
What are the features of perfect competition.
The objective of a seller in monopoly market is...............................
(loss \ profit \ negative profit \ zero profit)
The seller is a price maker in the perfect competition.
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
Explain the implications of the following in a perfectly competitive market:
Large number of buyers
Explain the implications of the following in an oligopoly market:
Inter- dependence between firms
Giving reason, state whether the following statement is true or false.
A Monopolist can sell any quantity he likes at a price.
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 a perfectly competitive market :
Homogeneous products.
Explain the implications of the following in an oligopoly market: Barriers to entry of new firms
Explain the implications of the following in an oligopoly market: A few or a few big sellers
‘A few big sellers’ is a characteristics of : (choose the correct alternative)
a. Perfect competition
b. Monopolistic competition
c. Oligopoly
d. None of the above
Explain the implications of the following : Product differentiation in monopolistic competition.
Which of the characteristics separates it from perfect competition and why?
Explain the implications of the following in a perfectly competitive market:
Freedom of entry and exit to firms
Explain the implications of the following in an oligopoly market:
Non-price competition
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.
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
Distinguish between perfect oligopoly and imperfect oligopoly. Also, explain the interdependence between the firms' feature of oligopoly.
What is meant by collusive oligopoly?
Price discrimination is possible under monopoly.
Define or Explain the following concepts
Monopoly
Explain the significance of the feature 'product differentiation' in monopolistic competition.
Define monopoly.
What can you say about the number of buyers and sellers under 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.
There is no product differentiation under monopolistic competition.
Define or Explain :
Average revenue.
State whether the following statement is True or False with reason:
Perfect competition means pure competition.
Distinguish between :
Output method and Expenditure method.
Distinguish between Any FOUR of the following :
Consumption expenditure and Investment expenditure.
State with reasons, whether you Agree or Disagree with the following statements.
Perfect competition is an imaginary concept.
Give reasons or explain the following statements
There is single price in perfect competition.
Answer the following question
What are the features of Perfect Competition?
State with reason whether you agree or disagree with the following statement
A seller is price maker in monopoly.
Write short note on the following:
Features of pure competition
Distinguish between the following:
Perfect competition and Monopoly
Distinguish between the following:
Natural monopoly and legal monopoly
Distinguish between the following:
Perfect competition and Monopolistic competition
Distinguish between the following:
Natural monopoly and Social monopoly
Define or explain the following concept:
Monopolistic Competition
Define or explain the following concept:
Selling cost
Give reason or explain:
Single price prevails in perfect competition.
Give reason or explain:
Selling cost is incurred by a firm in Monopolistic competition.
Give reason or explain:
A monopolist can control the supply of goods.
Give reason or explain:
Sellers and the buyers are price takers 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.
In a monopoly market, firm and industry are the same.
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
|
Fill in the blank with appropriate alternative given below
Under perfect competition commodities are ________________ in nature.
Fill in the blank with appropriate alternative given below
_____________ appears in a monopoly market.
Fill in the blank with appropriate alternative given below
In ________ market, seller creates products differentiation.
Define 'or' explain the following concept.
Product Differentiation:
Answer the following question.
What is the reason for an indeterminate demand curve under Oligopoly?
Answer the following question.
Elaborate three main features of a monopoly form of market.
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.
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.
Find the odd word
Selling cost -
In which one of the following types of markets are Average Revenue curve and Market Demand curve the same?
