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प्रश्न
How is Perfect competitive market is different from a monopoly market?
उत्तर
Perfect competitive market is different from a monopoly market on the basis of following points:
- In a perfectly competitive market, sellers do not have control over the price. However, in a monopoly, the seller has complete control over the price.
- In a perfect competitive market, there are close substitutes, while in a monopoly, there are no available alternatives.
- In a competitive market, price is influenced by the interplay of demand and supply forces. However, in a monopoly, the seller has the power to determine the price. In a perfect competitive market, there are no barriers to entry.
- In monopoly, there exists a significant barrier to entry. There may be various barriers, such as patents or government regulations, that could potentially hinder progress.
APPEARS IN
संबंधित प्रश्न
Discuss any two features of a monopolistically competitive market.
In which type of market price discrimination is practiced? Explain with an example.
Justify the following statement with any two valid arguments. 'In a perfect competition market structure, an individual firm does not have any role in determining price’.
Pick the option which does not belong to the group.
State the advantage of monopolistic competition over monopoly.
Identify the market form for the following:
Textile industry in India.
Define monopoly.
Give an example of price discrimination.
With the help of an example explain the meaning of price discrimination.
In what respects does oligopoly differ from monopoly?
