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प्रश्न
Discuss any four differences between monopoly and monopolistic competition.
Distinguish between monopoly and monopolistic competition.
In what ways does monopoly differ from monopolistic competition?
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उत्तर
| Sr. No. | Basis | Monopoly | Monopolistic competition |
| 1. | Number of Sellers | There exists only single seller. | There are a large number of small sellers. |
| 2. | Product | Monopolist may sell homogeneous or differentiated products | Products are different but are close substitute of one another. |
| 3. | Entry of Firms | Entry of new firms in the market is restricted. | Free entry or exit of firms into the market. |
| 4. | Selling Costs | Only informative selling costs are incurred. | Huge amount of money is spent on advertisements, etc. |
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संबंधित प्रश्न
Define Discriminating Monopoly.
Selling costs are absent in perfect competition market.
'Homogeneous products' is a characteristic of ______.
Marginal revenue of a firm is constant throughout under:
Indian Railways is an example of ______.
Match the following and select the correct option:
| Column I | Column II | ||
| (i) | Perfect competition | (A) | Differentiated Products |
| (ii) | Monopoly | (B) | Few large firms |
| (iii) | Monopolistic Competition | (C) | Single seller |
| (iv) | Oligopoly | (D) | Homogeneous products |
Indian Oil Corporation Limited is an example of a/an ______.
There is no difference between perfect competition and pure competition.
Match the following and select the correct option.
| Column I | Column II | ||
| (i) | Perfectly elastic demand | (A) | Oligopoly |
| (ii) | Less elastic demand | (B) | Monopolistic competition |
| (iii) | More elastic demand | (C) | Perfect competition |
| (iv) | Indeterminate demand | (D) | Monopoly |
"The price of a product under perfect competition is determined by an individual seller."
Which among the following is a feature of monopsony market?
Pick the option which does not belong to the group.
Which of the following statements are true?
- Monopolistically competitive markets have high selling costs.
- Monopolistically competitive markets sell homogeneous goods.
- Any firm can start a business in a monopolistically competitive market.
Which of the following market types has the fewest number of firms?
The market structure which is characterised by a single producer of a commodity and when there are not close substitutes for that commodity:
Match the following:
| Column I | Column II | ||
| A. | Monopoly | (i) | Availability of close substitutes |
| B. | Oligopoly | (ii) | Absence of close substitutes |
| C. | Perfect competition | (iii) | Few large sellers |
| D. | Monopolistic competition | (iv) | Homogeneous products |
State the advantage of monopolistic competition over monopoly.
Why is there no need for selling cost under perfect competition?
Highlight the importance of selling costs in a monopolistically compatible market.
In which form of market is the seller a price taker? Justify your answer.
Identify the market form of the following:
Market for toilet soaps in India.
State the market form of the following commodity.
Railways
In which form of market do producers and consumers have perfect knowledge about the market conditions?
Explain any four features of perfect competition.
Which type of market structure is the following? Give reason.
Mobile phone services
Why can a monopolist charge different prices in different markets?
What is meant by the term ‘price taker’?
What is the effect on price when a perfectly competitive firm tries to sell more?
What is the difference between collusive and non-collusive oligopoly?
What does perfectly elastic demand curve faced by a competitive firm indicate?
Elaborate the price discrimination feature of monopoly.
Identify the market form from the following:
A few large sellers
There is inverse relation between price and demand for the product of a firm under ______.
Why do producers incur high selling costs in an imperfect market?
Why are selling costs incurred?
In which market form is there a single seller and no close substitutes for the product?
