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प्रश्न
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.
विकल्प
Both A and B are true
Both A and B are false
A is true, B is false
A is false, B is true
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उत्तर
A is true, B is false
Explanation:
- Statement A is true: An oligopoly is a market structure dominated by a small number of large sellers who have a sizable market share and are highly interdependent.
- Statement B is false: In a monopolistically competitive market, buyers and sellers have incomplete knowledge due to considerable product differentiation and heavy branding, making direct comparisons impossible. Perfect market knowledge is exclusively a feature of perfect competition.
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संबंधित प्रश्न
“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
The monopolist's downward sloping demand curve means that it can increase sales only by changing a lower price.
A holiday resort in a remote village is very popular among the tourists. Since the connectivity is very poor with the outer world, the owner employs the local villagers for the functioning of the resort.
This is a case of:
State the advantage of monopolistic competition over monopoly.
Identify the market form of the following:
Market for toilet soaps in India.
Identify the market form for the following:
Textile industry in India.
What do you mean by homogeneous products?
What is the effect on price when a perfectly competitive firm tries to sell more?
There are a large number of buyers and sellers under a ______ market.
In which type of market are firms interdependent and a few large firms dominate?
