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Question
Identify the market form for the following:
Textile industry in India.
Solution
The market form of the textile industry in India is typically monopolistic competition.
RELATED QUESTIONS
When products are differentiated on the basis of advertisements, brand names etc., it is called as ______.
Differentiated products is a characteristic of ______.
A seller cannot influence the market price under:
Indian Railways is an example of ______.
Indian Oil Corporation Limited is an example of a/an ______.
Which of the following statements are true?
- Monopolistically competitive markets have high selling costs.
- Monopolistically competitive markets sell homogeneous goods.
- Any firm can start a business in a monopolistically competitive market.
The monopolist's downward sloping demand curve means that it can increase sales only by changing a lower price.
A holiday resort in a remote village is very popular among the tourists. Since the connectivity is very poor with the outer world, the owner employs the local villagers for the functioning of the resort.
This is a case of:
Match the following:
| Column I | Column II | ||
| A. | Monopoly | (i) | Availability of close substitutes |
| B. | Oligopoly | (ii) | Absence of close substitutes |
| C. | Perfect competition | (iii) | Few large sellers |
| D. | Monopolistic competition | (iv) | Homogeneous products |
What is perfect competition?
Highlight the importance of selling costs in a monopolistically compatible market.
State the market form of the following commodity.
Shampoos
Define monopoly.
Which type of market structure is the following? Give reason.
Trucks
Monopolistic competition is the perfect blending of monopoly and perfect competition. Explain.
Give two examples of monopolistically competitive market.
What is the effect on price when a monopoly firm tries to sell more?
Mention one feature of a monopoly market.
Why are selling costs incurred?
