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प्रश्न
There is inverse relation between price and demand for the product of a firm under:
(choose the correct alternative)
(a) Monopoly only
(b) Monopolistic competition only
(c) Both under monopoly and monopolistic competition
(d) Perfect competition only
उत्तर
The correct option is (c). More units of commodity can be sold only at a lower price is the common feature of monopoly and monopolistic competition. Accordingly, firms demand curve sloped downwards under both markets. Therefore, there is an inverse relationship between price and demand of the product.
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संबंधित प्रश्न
State whether the following statement is True or False
Product differentiation is the most distinguishing feature of monopolistic competition.
Which of the characteristics separates it from perfect competition and why?
Explain the implications of the following in an oligopoly market:
Non-price competition
Explain the 'free entry and exit of firms' feature of monopolistic competition.
What is meant by collusive oligopoly?
Price discrimination is possible under monopoly.
In monopolistic completion, goods have no close substitutes.
What can you say about the number of buyers and sellers under monopolistic competition?
State whether the following statement is true or false.
There is no product differentiation under monopolistic competition.
State whether the following statement is True or False with reason:
Perfect competition means pure competition.
Give reasons or explain the following statements
There is single price in perfect competition.
Answer the following question
What are the features of Perfect Competition?
Distinguish between the following:
Perfect competition and Monopoly
Give reason or explain:
A monopolist can control the supply of goods.
Match the following:
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Group A
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Group B
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Monopoly
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Public monopoly
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Product differentiation
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Abnormal profit
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Railway
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Monopolistic Competition
|
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Perfect Competition
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Prof. Chamberlin
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Pure Competition
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Homogenous product
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|
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Cartel
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Selling cost
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Fill in the blank with appropriate alternative given below
In ________ market, seller creates products differentiation.
Define 'or' explain the following concept.
Product Differentiation:
In an economic sense, the market includes the following activities
- The place where goods are sold and purchased.
- An arrangement through which buyers and sellers come in close contact with each other directly or indirectly.
- A shop where goods are sold.
- All of the above.
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.
