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प्रश्न
Explain the implications of the following in an oligopoly market: A few or a few big sellers
उत्तर
Only few number of firms in the industry but they are big firms dominate the market for product. They establish brand loyalty through intense advertising. Hence, they are able to earn extra-normal profit.
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संबंधित प्रश्न
Features of Monopolistic 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
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
Explain the implications of the following : Product differentiation in monopolistic competition.
Which of the characteristics separates it from perfect competition and why?
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.
Define monopoly.
Distinguish between Any FOUR of the following :
Consumption expenditure and Investment expenditure.
Answer the following question
What are the features of Perfect Competition?
Distinguish between the following:
Natural monopoly and legal monopoly
Define or explain the following concept:
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
Monopolist means __________ competitive.
Answer the following question.
Elaborate three main features of a monopoly form of market.
Distinguish between perfect competition and monopolistic competition on the basis of the following:
(a) Number of sellers
(b) Nature of product
(c) Selling cost
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.
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)
