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Question
Fill in the blank with appropriate alternative given below
Monopolist means __________ competitive.
Options
single seller
several seller
single buyer
several buyer
Solution
Monopolist means single seller competitive.
Monopolist means single seller. In other words, monopolists is the sole seller of a commodity in the market with a large number of buyers.
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Group A
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Group B
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|
Product differentiation
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Monopolistic Competition
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Perfect Competition
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Prof. Chamberlin
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Under perfect competition commodities are ________________ in nature.
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Answer the following question.
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(a) Number of sellers
(b) Nature of product
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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.
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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 -
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)
