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Questions
What is perfect competition?
Define perfect competition.
Define a perfect market.
Define a perfectly competitive market.
"Under which type of a market are producers price takers"?
Solution
Perfect competition is a form of market in which there are a large number of buyers and sellers and a homogeneous product is sold at a uniform price.
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RELATED QUESTIONS
When products are differentiated on the basis of advertisements, brand names etc., it is called as ______.
The image above shows a departmental store of a market structure.
- Identify the form of market as observed from the above image.
- Discuss the features of this market form with respect to:
- Type of product
- Entry and exit of firms
- Selling cost
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.
Following is not the feature of perfect competition:
The monopolist's downward sloping demand curve means that it can increase sales only by changing a lower price.
What is meant by pure competition?
What is meant by oligopoly?
Give an example of oligopoly.
Why is there no need for selling cost under perfect competition?
Identify the market form for the following:
Perfectly elastic demand.
Identify the market form for the following:
Telecom industry in India.
State the market form of the following commodity.
Automobiles
State the market form of the following commodity.
Fighter Aircrafts
Which type of market structure is the following? Give reason.
Lipstick
Monopolistic competition is the perfect blending of monopoly and perfect competition. Explain.
With the help of an example explain the meaning of price discrimination.
What is meant by the term 'price taker'?
Name the characteristic which makes monopolistic competition different from perfect competition.
Why are selling costs incurred?
