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प्रश्न
What is price-maker firm?
उत्तर
A firm is able to exercise full control over the prevailing market price of the product is known as a price maker firm. In this situation, monopolist fixes the price and attains
maximum level of profit because he is a single seller of the product in the market without any competition.
संबंधित प्रश्न
Features of Monopolistic Competition.
Explain the implications of the following in an oligopoly market:
Inter- dependence between firms
Giving reason, state whether the following statement is true or false.
A Monopolist can sell any quantity he likes at a price.
Differentiated products is a characteristic of: (Choose the correct alternative):
(a) Monopolistic competition only
(b) Oligopoly only
(c) Both monopolistic competition and oligopoly
(d) Monopoly
Explain the implications of the following in a perfectly competitive market :
Large number of sellers
Explain the implications of the following in a perfectly competitive market:
Freedom of entry and exit to firms
Explain the implications of the following in an oligopoly market:
Non-price competition
A seller cannot influence the market price under (choose the correct alternative)
a) Perfect competition
b) Monopoly
c) Monopolistic competition
d) All of the above
In monopolistic completion, goods have no close substitutes.
Define or Explain :
Average revenue.
Distinguish between the following:
Perfect competition and Monopoly
Define or explain the following concept:
Monopolistic Competition
Define or explain the following concept:
Selling cost
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
|
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
Under perfect competition commodities are ________________ in nature.
Fill in the blank with appropriate alternative given below
In ________ market, seller creates products 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.
PASSAGE
In India, markets for automobiles, cement, steel, aluminium, etc, are the examples of oligopolistic market. In all these markets, there are few firms for each particular product. Duopoly is a special case of oligopoly, in which there are exactly two sellers. Under duopoly, it is assumed that the product sold by the two firms is homogeneous and there is no substitute for it. Examples where two companies control a large proportion of a market are: (i) Pepsi and Coca-Cola in the soft drink market; (ii) Airbus and Boeing in the commercial large jet aircraft market.
Operating systems for smart phones and computers provide excellent examples of oligopolies in big tech. Apple iOS and Google Android dominate smart phone operating systems. Computer operating systems are overshadowed by Apple and Microsoft Windows.
- Give examples of oligopolistic market in India (1 mark)
- Explain the concept of duopoly with a suitable example from the passage (1 mark)
- Express your personal opinion based on the above information (2 marks)
