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प्रश्न
Mention one feature of a monopoly market.
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उत्तर
- Single seller and large number of buyers:
- Under monopoly, there is only one seller, firm or manufacturer of a commodity. The product sold by the monopolist may or may not be homogenous. The existence of a single seller of one product eliminates the difference between the firm and the industry.
- There can be any number of buyers under monopoly.
- No Close Substitutes: A second feature of monopoly is that there are no close substitutes available for the product sold by the monopolist. A pure monopoly exists only when there is no close substitute for the product sold by the monopolist.
संबंधित प्रश्न
Following is the feature of perfect competition:
In monopolistic competition, there are ______.
Indian Oil Corporation Limited is an example of a/an ______.
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 |
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 |
There are no substitute goods in a monopoly market. Give a reason to support your answer.
Define monopolistic competition.
Why is there no need for selling cost under perfect competition?
Identify the market form of the following:
Market for toilet soaps in India.
State the market form of the following commodity.
Automobiles
Give an example of price discrimination.
Which type of market structure is the following? Give reason.
Ball-pen
What do you mean by homogeneous products?
To which market form are homogeneous products relevant?
What is meant by the term ‘price taker’?
What is the effect on price when a monopoly firm tries to sell more?
There is inverse relation between price and demand for the product of a firm under ______.
In which market form is there a single seller and no close substitutes for the product?
Which feature best distinguishes monopolistic competition from perfect competition?
