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प्रश्न
Producers in a monopoly are price makers. Briefly explain.
Why is a monopoly firm called a price-maker?
उत्तर
- In a monopoly, manufacturers are called price makers since they have massive market power due to the lack of competition.
- A monopolist is the sole manufacturer of a specific product or service, meaning no close substitutes exist.
- This absence of competition allows the monopolist to establish the product's price rather than being forced to accept a market-determined price as under perfect competition.
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संबंधित प्रश्न
Explain three features of Perfect competitive market.
Selling costs are absent in perfect competition market.
Following is the feature of perfect competition:
Indian Railways is an example of ______.
Match the following and select the correct option:
| Column I | Column II | ||
| (i) | Perfect competition | (A) | Differentiated Products |
| (ii) | Monopoly | (B) | Few large firms |
| (iii) | Monopolistic Competition | (C) | Single seller |
| (iv) | Oligopoly | (D) | Homogeneous products |
Indian Oil Corporation Limited is an example of a/an ______.
Match the following and select the correct option.
| Column I | Column II | ||
| (i) | Perfectly elastic demand | (A) | Oligopoly |
| (ii) | Less elastic demand | (B) | Monopolistic competition |
| (iii) | More elastic demand | (C) | Perfect competition |
| (iv) | Indeterminate demand | (D) | Monopoly |
Which of these feature's is found in both a perfectly competitive market and a monopolistically competitive market?
Which of the following market types has the fewest number of firms?
A holiday resort in a remote village is very popular among the tourists. Since the connectivity is very poor with the outer world, the owner employs the local villagers for the functioning of the resort.
This is a case of:
What is perfect competition?
Define monopolistic competition.
State two important characteristics of monopoly.
What are selling costs?
Identify the market form for the following:
Perfectly elastic demand.
Identify the market form for the following:
Telecom industry in India.
Give an example of monopoly.
Which type of market structure is the following? Give reason.
Jeans
Monopolistic competition is the perfect blending of monopoly and perfect competition. Explain.
What do you mean by homogeneous products?
