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Question
State the market form of the following commodity.
Fighter Aircrafts
Solution
The market form for fighter aircrafts is monopsony.
RELATED QUESTIONS
What do you mean by price discrimination?
In which type of market price discrimination is practiced? Explain with an example.
Explain three features of Perfect competitive market.
What is the shape of the demand curve faced by any monopoly firm? Support your answer with a diagram.
“While shopping for fruits in the local market you see many seller selling fruits”. In this context answer the following:
- What is the type of market referred to?
- State and draw the type of demand curve faced by the market above.
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- No. of sellers
- Market price
- Entry and exit of firms in the market
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"The price of a product under perfect competition is determined by an individual seller."
The monopolist's downward sloping demand curve means that it can increase sales only by changing a lower price.
Read the given statements carefully and select the correct option.
- The number of sellers under oligopoly are small.
- In monopolistically competitive markets, buyers and sellers have perfect knowledge about the market conditions.
Imperfect knowledge is a characteristic feature of:
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. | Demand curve under perfect competition | (i) | Indeterminate demand curve |
| B. | Demand curve under monopoly | (ii) | Downward sloping but less elastic |
| C. | Demand curve under monopolistic competition | (iii) | Horizontal straight line |
| D. | Demand curve under oligopoly | (iv) | Elastic demand curve |
Define monopolistic competition.
State two important characteristics of monopoly.
Identify the market form for the following:
Textile industry in India.
Which type of market structure is the following? Give reason.
Jeans
With the help of an example explain the meaning of price discrimination.
What is the difference between perfect and imperfect oligopoly?
Identify the market form from the following.
Firm is a price maker.
