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Question
The seller is a price maker in the perfect competition.
Solution
The seller is a price maker in the perfect competition.
False
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RELATED QUESTIONS
Features of Monopolistic Competition.
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Monopoly
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State whether the following statement is True or False with reason:
Perfect competition means pure competition.
Distinguish between :
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Distinguish between Any FOUR of the following :
Consumption expenditure and Investment expenditure.
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There is single price in perfect competition.
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Answer the following question
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A seller is price maker in monopoly.
Answer in detail
What is Perfect Competition? Explain price determination under Perfect Competition.
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Distinguish between the following:
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Monopolistic Competition
Define or explain the following concept:
Selling cost
Give reason or explain:
Single price prevails in perfect competition.
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Price discrimination is possible under monopoly.
Give reason or explain:
Sellers and the buyers are price takers in perfect competition.
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State whether the following statement is TRUE and FALSE.
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Fill in the blank with appropriate alternative given below
Under perfect competition commodities are ________________ in nature.
Fill in the blank with appropriate alternative given below
_____________ appears in a monopoly market.
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Monopolist means __________ competitive.
Define 'or' explain the following concept.
Product Differentiation:
Answer the following question.
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Answer the following question.
Elaborate three main features of a monopoly form of market.
Distinguish between perfect competition and monopolistic competition on the basis of the following:
(a) Number of sellers
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(c) Selling cost
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.
Features of oligopoly market:
- 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)
In which one of the following types of markets are Average Revenue curve and Market Demand curve the same?
