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प्रश्न
Explain the implications of the following in a perfectly competitive market :
Homogeneous products.
In a perfectly competitive market, the buyers treat products of all the firms as homogeneous. Explain the significance of this feature
उत्तर
In a perfectly competitive market, buyers will treat the products of all the firms in the market as homogeneous. There is zero degree of product differentiation and the firm cannot take any control of the price. Here, the firm does not involve in advertisement and sales promotion activities. Hence, uniform price prevails in a perfectly competitive market for homogeneous products.
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संबंधित प्रश्न
What are the features of perfect competition.
Explain the features of monopoly.
Explain the implications of the following in an oligopoly market:
Inter- dependence between firms
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
Distinguish between perfect oligopoly and imperfect oligopoly. Also, explain the interdependence between the firms' feature of oligopoly.
Price discrimination is possible under monopoly.
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.
Answer the following question
What are the features of monopolistic competition?
Distinguish between the following:
Perfect competition and Monopoly
Distinguish between the following:
Natural monopoly and legal monopoly
Define or explain the following concept:
Monopolistic Competition
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.
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 -
