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प्रश्न
How is Perfect competitive market is different from a monopoly market?
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उत्तर
Perfect competitive market is different from a monopoly market on the basis of following points:
- In a perfectly competitive market, sellers do not have control over the price. However, in a monopoly, the seller has complete control over the price.
- In a perfect competitive market, there are close substitutes, while in a monopoly, there are no available alternatives.
- In a competitive market, price is influenced by the interplay of demand and supply forces. However, in a monopoly, the seller has the power to determine the price. In a perfect competitive market, there are no barriers to entry.
- In monopoly, there exists a significant barrier to entry. There may be various barriers, such as patents or government regulations, that could potentially hinder progress.
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संबंधित प्रश्न
When products are differentiated on the basis of advertisements, brand names etc., it is called as ______.
Justify the following statement with any two valid arguments. 'In a perfect competition market structure, an individual firm does not have any role in determining price’.
A monopolist is price maker:
Give three points of difference between perfect competition and monopoly.
To which market is product differentiation relevant?
State the advantage of monopolistic competition over monopoly.
Identify the market form of the following:
Goods sold are homogeneous.
What is the effect on price when a perfectly competitive firm tries to sell more?
Identify the market form from the following.
Firm is a price maker.
Mention one feature of a monopoly market.
