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Question
To which market form are homogeneous products relevant?
Solution
Homogeneous products are a key feature of perfect competition.
RELATED QUESTIONS
What is the shape of the demand curve faced by any monopoly firm? Support your answer with a diagram.
Following is the feature of perfect competition:
Differentiated products is a characteristic of ______.
'A few big sellers' is a characteristic of ______.
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 |
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.
Imperfect knowledge is a characteristic feature of:
The market structure which is characterised by a single producer of a commodity and when there are not close substitutes for that commodity:
Which of the following is the least competitive market?
Read the following statements carefully and choose the correct alternative:
Assertion (A): Under Perfect Competition, each firm faces a perfectly elastic demand curve.
Reason (R): Firm is a price maker under perfect competition.
Producers in a monopoly are price makers. Briefly explain.
Define monopolistic competition.
What are selling costs?
Why is there no need for selling cost under perfect competition?
Identify the market form for the following:
Textile industry in India.
State the market form of the following commodity.
Shampoos
Define monopoly.
Why can a monopolist charge different prices in different markets?
What does perfectly elastic demand curve faced by a competitive firm indicate?
What is a price making firm?
