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Question
Match the following and select the correct option.
| Column I | Column II | ||
| (i) | Perfectly elastic demand | (A) | Oligopoly |
| (ii) | Less elastic demand | (B) | Monopolistic competition |
| (iii) | More elastic demand | (C) | Perfect competition |
| (iv) | Indeterminate demand | (D) | Monopoly |
Options
(i) C, (ii) D, (iii) B, (iv) A
(i) C, (ii) A, (iii) D, (iv) B
(i) D, (ii) C, (iii) B, (iv) A
(i) B, (ii) D, (iii) A, (iv) C
Solution
(i) C, (ii) D, (iii) B, (iv) A
Explanation:
| Column I | Column II | ||
| (i) | Perfectly elastic demand | (C) | Perfect competition |
| (ii) | Less elastic demand | (D) | Monopoly |
| (iii) | More elastic demand | (B) | Monopolistic competition |
| (iv) | Indeterminate demand | (A) | Oligopoly |
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RELATED QUESTIONS
Discuss any two features of a monopolistically competitive market.
Differentiated products is a characteristic of ______.
Match the following and select the correct option:
| Column I | Column II | ||
| (i) | Perfect competition | (A) | Differentiated Products |
| (ii) | Monopoly | (B) | Few large firms |
| (iii) | Monopolistic Competition | (C) | Single seller |
| (iv) | Oligopoly | (D) | Homogeneous products |
The seller in a monopoly market is a price maker.
Which one of the following is NOT found in a perfectly competition market?
Read the following statements carefully and choose the correct alternative:
Assertion (A): Price discrimination is possible under monopoly.
Reason (R): A monopolist can charge different prices in different markets because different sets of consumers - rich and poor - have different price elasticity of demand for the monopolist's product.
Define monopolistic competition.
Give two characteristics of perfect competition.
To which market is price discrimination relevant?
What is the effect on price when a perfectly competitive firm tries to sell more?
