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प्रश्न
State with reason whether you agree or disagree with the following statement:
Seller is the price maker under perfect competition.
उत्तर
I disagree with the given statement.
Reason:
- In a perfectly competitive market, there are large number of sellers.
- Each seller forms a negligible part of the entire market.
- No single seller is in a position to influence the market price.
- Sellers are said to be ‘price takers’ under perfect competition.
- In contrast, in monopoly market, there is only one seller who controls the entire market supply for a product which has no close substitute. Therefore, the seller is a ‘price maker’ in monopoly.
संबंधित प्रश्न
Choose the correct option:
Under Perfect competition, sellers are
a) Price makers
b) Price takers
c) Price discriminators
d) None of these
Give economic term:
The point where demand and supply curve intersect.
Give economic term:
The cost incurred by the firm to promote sales.
Give economic term:
Charging different prices to different consumers for the same product or services.
Find the odd word out:
Market structure on the basis of competition: Monopoly, Oligopoly, Very Short Period market, Perfect competition.
Characteristics of long period market:
- All factors of production and costs are variable.
- Firms are able to adjust all costs.
- It is for a few years, generally up to five years.
- Supply of commodity cannot be increased.
Monopoly: Price discrimination:: ______ : Product differentiation
Type of market showing some but not all the features of a competitive market –
Number of firms producing differentiated products which are closely related –
The interaction of demand and supply to determine price of a commodity in perfect competition is ______.
Assertion (A): Monopolist is a price maker.
Reasoning (R): Monopolist can fix the price of his own product as he controls the whole market supply.
Assertion (A): Product differentiation is the main feature of monopolistic competition.
Reasoning (R): Under monopolistic competition, all the products are perfect substitutes to each other
Identify & explain the concept from the given illustration.
Anoop Ayurveda produces unique herbal hair oil which has no close substitutes.
Identify & explain the concept from the given illustration.
Sunrise Cosmetic Company spends on advertisements, broadcasts on radio and television as well as distributes free samples of its shampoo product to in order to increase its demand.
Distinguish Between
Short period and Long period
Distinguish Between
Monopoly and Monopolistic competition
Explain any four features of perfect competition
Explain any four features of monopoly
Explain any four features of monopolistic competition
State with reason whether you agree or disagree with the following statement:
There is product differentiation under monopolistic competition.
State with reason whether you agree or disagree with the following statement:
Selling cost is the only feature of monopolistic competition.
- Mention the equilibrium point and equilibrium price in above diagram. (2m)
- Explain the concept of equilibrium price with the help of above diagram (2m)
Explain the concept of perfect competition and price determination under perfect competition
What are the features of a market?
The Spot market is classified on the basis of ______.
Which one of the market deals in the purchase and sale of shares and debentures?
What is mean by Regulated Market?
What is meant by Spot Market?
What is meant by Commodity Market?
Explain the types of the market on the basis of time.
How the market can be classified?
How the market can be classified on the basis of Economics?
Give economic terms:
The period in which all factors of production are variable.
Find the odd word out:
Classification of markets on the basis of time:
Homogeneous product is a feature of this market.
- Monopoly
- Monopolistic competition
- Perfect competition
- Oligopoly
