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Question
There is inverse relation between price and demand for the product of a firm under ______.
Options
Monopoly only
Monopolistic competition only
Both under monopoly and monopolistic competition
Perfect competition only
Solution
There is inverse relation between price and demand for the product of a firm under monopoly and monopolistic competition.
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RELATED QUESTIONS
When products are differentiated on the basis of advertisements, brand names etc., it is called as ______.
Pick the option which does not belong to the group.
Which one of the following is NOT found in a perfectly competition market?
The market structure which is characterised by a single producer of a commodity and when there are not close substitutes for that commodity:
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 |
To which market is product differentiation relevant?
Identify the market form for the item given below:
A single buyer
To which market is price discrimination relevant?
Identify the market form from the following.
Price discrimination
Name the characteristic which makes monopolistic competition different from perfect competition.
