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प्रश्न
Name the characteristic which makes monopolistic competition different from perfect competition.
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उत्तर
The goods produced by the firms under monopolistic competition are not homogeneous like in the case of perfect competition. Firms under monopolistic competition produce differentiated products.
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संबंधित प्रश्न
Discuss any two features of a monopolistically competitive market.
“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
Match the following and select the correct option.
| Column I | Column II | ||
| (i) | Perfectly elastic demand | (A) | Oligopoly |
| (ii) | Less elastic demand | (B) | Monopolistic competition |
| (iii) | More elastic demand | (C) | Perfect competition |
| (iv) | Indeterminate demand | (D) | Monopoly |
Which of the following statements are true?
- Monopolistically competitive markets have high selling costs.
- Monopolistically competitive markets sell homogeneous goods.
- Any firm can start a business in a monopolistically competitive market.
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 |
State the advantage of monopolistic competition over monopoly.
To which market form are homogeneous products relevant?
What is meant by the term ‘price taker’?
Which market form has the least number of producers?
Which feature best distinguishes monopolistic competition from perfect competition?
