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Question
Define or Explain the following concepts
Monopoly
Solution
Monopoly refers to a market structure where a single firm caters to the needs of a large number of buyers. The single firm itself is regarded as the industry. The entry of other firms is restricted in the monopoly market.
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RELATED QUESTIONS
State whether the following statement is True or False
Product differentiation is the most distinguishing feature of monopolistic competition.
Features of Monopolistic Competition.
What are the features of perfect competition.
The seller is a price maker in the perfect competition.
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There is inverse relation between price and demand for the product of a firm under:
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Large number of buyers
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Large number of sellers
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Homogeneous products.
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Explain the implications of the following in an oligopoly market: A few or a few big sellers
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What is meant by collusive oligopoly?
Price discrimination is possible under monopoly.
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Define monopoly.
What can you say about the number of buyers and sellers under monopolistic competition?
Answer the following question :
What are the features of monopolistic competition ?
Give reason or explain the following.
Price discrimination is possbile under monopoly.
Fill in the blank with proper alternatives given in the bracket:
Under monopoly there is existence of ______________ .
State whether the following statement is true or false.
There is no product differentiation under monopolistic competition.
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Average revenue.
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Perfect competition means pure competition.
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Output method and Expenditure method.
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Consumption expenditure and Investment expenditure.
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Perfect competition is an imaginary concept.
Answer the following question
What are the features of Perfect Competition?
Answer the following question
What are the features of monopoly?
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Perfect Competition means Monopolistic Competition.
Answer in detail
What is Perfect Competition? Explain price determination under Perfect Competition.
Answer in detail
What is monopoly? Explain in detail the features of monopoly?
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Features of pure competition
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Monopolistic Competition
Give reason or explain:
Single price prevails in perfect competition.
Give reason or explain:
Price discrimination is possible under monopoly.
Give reason or explain:
Selling cost is incurred by a firm in Monopolistic competition.
Give reason or explain:
A monopolist can control the supply of goods.
Give reason or explain:
Sellers and the buyers are price takers in perfect competition.
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There is no price discrimination under Monopolistic competition.
State whether the following statement is TRUE and FALSE.
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Product differentiation is not possible under perfect competition.
Fill in the blank with appropriate alternative given below
Monopolist means __________ competitive.
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Answer the following question.
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Observe the table and answer the question:
| Price of banana (per dozen) in ₹ | Demand (in dozen) | Supply (in dozen) | Relation between DD and SS |
| 10 | 500 | 100 | DD > SS |
| 20 | 400 | _____ | DD > SS |
| 30 | _____ | 300 | DD = SS |
| 40 | 200 | _____ | DD < SS |
| 50 | ______ | 500 | DD < SS |
Fill in the blanks in the above schedule.
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- 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.
Find the odd word
Selling cost -
In which one of the following types of markets are Average Revenue curve and Market Demand curve the same?
