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प्रश्न
In what respects does oligopoly differ from monopoly?
State any two differences between oligopoly and monopoly market.
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उत्तर
| Sr. No. | Basis | Oligopoly | Monopoly |
| 1. | No. of sellers: | There are few large sellers producing a commodity. | There is only a single seller in the market. |
| 2. | Entry of new firms: | Entry of new firms is difficult. | Entry of new firms is restricted. |
| 3. | Demand curve: | The demand curve is indeterminate. | The demand curve faced by a monopoly firm is less elastic. |
| 4. | Product Differentiation: | Products may be identical (e.g., cement) or differentiated (e.g., cars). | The product has no close substitutes. |
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संबंधित प्रश्न
Define Discriminating Monopoly.
In which type of market price discrimination is practiced? Explain with an example.
The image above shows a departmental store of a market structure.
- Identify the form of market as observed from the above image.
- Discuss the features of this market form with respect to:
- Type of product
- Entry and exit of firms
- Selling cost
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’.
“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
Following is the feature of perfect competition:
Following is not the feature of perfect competition:
Differentiated products is a characteristic of ______.
A market where homogeneous products are sold with no control over price by an individual firm or a buyer is ______.
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.
Identify the market form for seller A on the basis of the following information:
| Units of output sold | Price offered by seller A in ₹ |
| 30 | 10 |
| 40 | 10 |
| 50 | 10 |
Products sold by each firm in a perfectly competitive market are perfect substitutes of each other.
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 |
Read the following statements carefully and choose the correct alternative:
Assertion (A): Under Perfect Competition, each firm faces a perfectly elastic demand curve.
Reason (R): Firm is a price maker under perfect competition.
Mention two features of monopoly.
There are no substitute goods in a monopoly market. Give a reason to support your answer.
Define monopsony.
Give an example of monopsony.
To which market is product differentiation relevant?
State the advantage of monopolistic competition over monopoly.
Why is there no need for selling cost under perfect competition?
Identify the market form of the following:
The Government of India is the sole buyer of fighter aircrafts.
Identify the market form for the item given below:
A single seller
Identify the market form for the item given below:
Homogeneous goods
Identify the market form for the item given below:
A single buyer
Define monopoly.
Give an example of price discrimination.
Explain any four features of perfect competition.
Explain the main characteristics of a monopoly.
Discuss any four differences between monopoly and monopolistic competition.
Which type of market structure is the following? Give reason.
Soft drinks
Which type of market structure is the following? Give reason.
Ball-pen
What is meant by the term ‘price taker’?
What is the difference between collusive and non-collusive oligopoly?
Why do producers incur high selling costs in an imperfect market?
Name the characteristic which makes monopolistic competition different from perfect competition.
In which type of market are firms interdependent and a few large firms dominate?
