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प्रश्न
Give three points of difference between perfect competition and monopoly.
Discuss three differences between a perfectly competitive market and a monopoly.
उत्तर
| Sr. No. | Basis | Perfect competition | Monopoly |
| 1. | No. of sellers | There are very large number of sellers in the market. | There is a single firm in the market. |
| 2. | Price | There is a single firm in the market. | There is a single firm in the market. |
| 3. | Nature of product | Each firm produces and sells homogeneous product. | The firm produces and sells such product which does not have close substitutes in the market. |
Notes
Students should refer to the answer according to their questions.
संबंधित प्रश्न
Identify the market having a single buyer and many sellers from the following:
What is the shape of the demand curve faced by any monopoly firm? Support your answer with a diagram.
Give an example of monopsony.
In which form of market is the seller a price taker? Justify your answer.
Product differentiation is practised in monopolistic competition? Give reasons.
What is meant by barriers to entry?
What is the difference between collusive and non-collusive oligopoly?
Identify the market form from the following.
Firm is a price maker.
There is inverse relation between price and demand for the product of a firm under ______.
Why do producers incur high selling costs in an imperfect market?
