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प्रश्न
Discuss any two features of a monopolistically competitive market.
Give two characteristics of monopolistic competition.
State two features of monopolistic competition.
Explain three important features of monopolistic competition.
Describe the main features of monopolistic competition.
Explain two important features of monopolistically competitive market.
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उत्तर
The following are the features of monopolistic competition:
- Large Number of Buyers and Sellers: A monopolistically competitive industry contains a large number of firms, each of which is relatively small compared to the overall size of the market. This ensures that all firms are relatively competitive. In particular, each firm has hundreds or even thousands of potential competitors.
- Non-Price Competition: Another important feature of monopolistic competition is the non-price competition. All the firms try to capture the market through various methods of competition other than price cutting. These methods may be the guarantee of free repairs, after-sale service, gift scheme with a particular purchase, special discount on a particular purchase, etc.
- Firms produce differentiated products: Products sold by different sellers are closely differentiated from each other. It may be on account of different brand names, packing, shape, the friendly behaviour of the seller or any other consideration.
- Freedom of entry and exit to firms: There is freedom of the firms to enter into the industry or leave the industry.
Notes
Students should refer to the answer according to their questions.
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संबंधित प्रश्न
When products are differentiated on the basis of advertisements, brand names etc., it is called as ______.
Non-price competition is ______.
“While shopping for fruits in the local market you see many seller selling fruits”. In this context answer the following:
- What is the type of market referred to?
- State and draw the type of demand curve faced by the market above.
- Differentiate between the market indicated above and monopoly on the basis of:
- No. of sellers
- Market price
- Entry and exit of firms in the market
'Homogeneous products' is a characteristic of ______.
A seller cannot influence the market price under:
In monopolistic competition, there are ______.
A monopolist is price maker:
Indian Oil Corporation Limited is an example of a/an ______.
Read the given statements carefully and select the correct option.
- The number of sellers under oligopoly are small.
- In monopolistically competitive markets, buyers and sellers have perfect knowledge about the market conditions.
The market structure which is characterised by a single producer of a commodity and when there are not close substitutes for that commodity:
Give an example of oligopoly.
Identify the market form of the following:
Goods sold are homogeneous.
Identify the market form for the following:
Perfectly elastic demand.
State the market form of the following commodity.
Automobiles
Identify the market form for the item given below:
A single seller
Discuss any four differences between monopoly and monopolistic competition.
Which type of market structure is the following? Give reason.
Ball-pen
In what respects does oligopoly differ from monopoly?
Elaborate the price discrimination feature of monopoly.
There are a large number of buyers and sellers under a ______ market.
