Advertisements
Advertisements
Question
What is price-maker firm?
Solution
A firm is able to exercise full control over the prevailing market price of the product is known as a price maker firm. In this situation, monopolist fixes the price and attains
maximum level of profit because he is a single seller of the product in the market without any competition.
RELATED QUESTIONS
State whether the following statement is True or False
Product differentiation is the most distinguishing feature of monopolistic competition.
Features of Monopolistic Competition.
Explain the implications of the following in an oligopoly market: Barriers to entry of new firms
Explain the 'free entry and exit of firms' feature of monopolistic competition.
Distinguish between perfect oligopoly and imperfect oligopoly. Also, explain the interdependence between the firms' feature of oligopoly.
What is meant by collusive oligopoly?
Fill in the blank with proper alternatives given in the bracket:
Under monopoly there is existence of ______________ .
Distinguish between :
Output method and Expenditure method.
Give reasons or explain the following statements
There is single price in perfect competition.
Answer the following question
What are the features of Perfect Competition?
State with reason whether you agree or disagree with the following statement
A seller is price maker in monopoly.
Write short note on the following:
Features of pure competition
Match the following:
|
Group A
|
Group B
|
|
Monopoly
|
Public monopoly
|
|
Product differentiation
|
Abnormal profit
|
|
Railway
|
Monopolistic Competition
|
|
Perfect Competition
|
Prof. Chamberlin
|
|
Pure Competition
|
Homogenous product
|
|
|
Cartel
|
|
|
Selling cost
|
Fill in the blank with appropriate alternative given below
Under perfect competition commodities are ________________ in nature.
Fill in the blank with appropriate alternative given below
In ________ market, seller creates products differentiation.
Fill in the blank with appropriate alternative given below
Monopolist means __________ competitive.
Features of oligopoly market:
- There are few firms or sellers.
- Sellers sell differentiated product.
- There is free entry and exit of firms.
- There is considerable element of uncertainty in this type of market.
In which one of the following types of markets are Average Revenue curve and Market Demand curve the same?
