Advertisements
Advertisements
Question
Which type of market structure is the following? Give reason.
Jeans
Answer in Brief
Solution
The market structure for jeans is monopolistic competition.
Reason:
- The jeans market is controlled by several sellers, including Levi's, Wrangler, Lee, and several other brands that offer comparable items but differ in terms of style, quality, brand image, and pricing.
- Each brand has some pricing control due to product differentiation, but there are many competitors, and customers can easily switch brands.
- This is an important element of monopolistic competition, where firms compete based on product differentiation rather than price alone.
shaalaa.com
Forms of Market Structure
Is there an error in this question or solution?
APPEARS IN
RELATED QUESTIONS
When products are differentiated on the basis of advertisements, brand names etc., it is called as ______.
Explain three features of Perfect competitive market.
Indian Oil Corporation Limited is an example of a/an ______.
What is perfect competition?
Give two characteristics of perfect competition.
Identify the market form for the item given below:
A single seller
Which type of market structure is the following? Give reason.
Lipstick
To which market is price discrimination relevant?
Which market form has the least number of producers?
What does perfectly elastic demand curve faced by a competitive firm indicate?
