Advertisements
Advertisements
Question
Which type of market structure is the following? Give reason.
Trucks
Solution
The market structure for trucks is oligopoly.
Reason:
Ford, Volvo, Tata, and Daimler lead the truck market. These companies create diverse goods with distinguishing characteristics such as different engine types, sizes, and technology. Thus, the truck market is an oligopoly, with a few large producers dominating.
APPEARS IN
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.
Marginal revenue of a firm is constant throughout under:
The seller in a monopoly market is a price maker.
The monopolist's downward sloping demand curve means that it can increase sales only by changing a lower price.
Producers in a monopoly are price makers. Briefly explain.
What is monopsony?
To which market is product differentiation relevant?
With the help of an example explain the meaning of price discrimination.
What do you mean by homogeneous products?
