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प्रश्न
In which form of market is the seller a price taker? Justify your answer.
In which market form the firm is price taker?
“Under which type of a market are producers price takers?”
Under which market form a firm is a price-taker?
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उत्तर
- In a perfectly competitive market, the seller is a price taker.
- In perfect competition, there are many sellers and purchasers in the market, and all firms sell identical (homogeneous) products. Because each firm’s output is small in comparison to the entire market supply, no single seller can influence market price.
- Because all businesses sell the same commodities, no company can differentiate its product sufficiently to demand a higher price, requiring every seller to be a price taker.
Notes
Students should refer to the answer according to the question.
APPEARS IN
संबंधित प्रश्न
Identify the market having a single buyer and many sellers from the following:
Indian Railways is an example of ______.
A monopolist is price maker:
Indian Oil Corporation Limited is an example of a/an ______.
Observe the relationship of the first pair of words and complete the second pair.
Single seller in the market : Monopoly
Single buyer in the market : ______
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.
Match the following:
| Column I | Column II | ||
| A. | Demand curve under perfect competition | (i) | Indeterminate demand curve |
| B. | Demand curve under monopoly | (ii) | Downward sloping but less elastic |
| C. | Demand curve under monopolistic competition | (iii) | Horizontal straight line |
| D. | Demand curve under oligopoly | (iv) | Elastic demand curve |
Mention two features of monopoly.
Give three points of difference between perfect competition and monopoly.
Define monopolistic competition.
Define oligopoly.
Define product differentiation.
State the advantage of monopolistic competition over monopoly.
Identify the market form of the following:
Goods sold are homogeneous.
Identify the market form for the following:
Perfectly elastic demand.
Identify the market form for the following:
Telecom industry in India.
State the market form of the following commodity.
Fighter Aircrafts
Identify the market form for the item given below:
Homogeneous goods
Identify the market form for the item given below:
A single buyer
Give an example of monopoly.
Give an example of price discrimination.
Explain the main characteristics of a monopoly.
Which type of market structure is the following? Give reason.
Scooters
Which type of market structure is the following? Give reason.
Mobile phone services
With the help of an example explain the meaning of price discrimination.
What is meant by the term ‘price taker’?
What induces new firms to enter an industry?
What is meant by barriers to entry?
What is the difference between collusive and non-collusive oligopoly?
Name the market which has characteristics both of monopoly and perfect competition.
Why are selling costs incurred?
In which market form is there a single seller and no close substitutes for the product?
In which type of market are firms interdependent and a few large firms dominate?
