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Questions
What is meant by product differentiation?
Define product differentiation.
Solution
Product differentiation refers to differentiating the products on the basis of brand, size, colour, shape etc.
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RELATED QUESTIONS
What do you mean by price discrimination?
Non-price competition is ______.
Justify the following statement with any two valid arguments. 'In a perfect competition market structure, an individual firm does not have any role in determining price’.
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.
- Differentiate between the market indicated above and monopoly on the basis of:
- No. of sellers
- Market price
- Entry and exit of firms in the market
A seller cannot influence the market price under:
"The price of a product under perfect competition is determined by an individual seller."
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 |
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.
State two important characteristics of monopoly.
State the market form of the following commodity.
Railways
Which type of market structure is the following? Give reason.
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Which type of market structure is the following? Give reason.
Jeans
Which type of market structure is the following? Give reason.
Lipstick
Monopolistic competition is the perfect blending of monopoly and perfect competition. Explain.
Give two examples of monopolistically competitive market.
Which market form has the least number of producers?
What is meant by barriers to entry?
What does perfectly elastic demand curve faced by a competitive firm indicate?
Identify the market form from the following.
Firm is a price maker.
