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Question
What does perfectly elastic demand curve faced by a competitive firm indicate?
Solution
A perfectly elastic demand curve faced by a competitive firm indicates that a price is given to the firm, and the firm has no control over the given price.
RELATED QUESTIONS
When products are differentiated on the basis of advertisements, brand names etc., it is called as ______.
What is the shape of the demand curve faced by any monopoly firm? Support your answer with a diagram.
'A few big sellers' 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 |
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 |
Pick the option which does not belong to the group.
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.
Which of the following is the least competitive market?
What is perfect competition?
Define monopolistic competition.
Identify the market form of the following:
The Government of India is the sole buyer of fighter aircrafts.
Identify the market form for the following:
Telecom industry in India.
State the market form of the following commodity.
Automobiles
Identify the market form for the item given below:
A single seller
Identify the market form for the item given below:
A single buyer
Give an example of price discrimination.
To which market form are homogeneous products relevant?
What is the effect on price when a monopoly firm tries to sell more?
What is the difference between collusive and non-collusive oligopoly?
