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प्रश्न
There is no difference between perfect competition and pure competition.
विकल्प
True
False
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उत्तर
This statement is False.
Explanation:
- There is a difference between perfect and pure competitiveness. Pure competition is defined as a market with a large number of customers and sellers offering homogeneous items and allowing free entry and exit.
- Perfect competition, on the other hand, is a more idealised definition that incorporates not just the characteristics of pure competition but other assumptions such as perfect knowledge and zero transaction costs, making it more limiting than pure competition.
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संबंधित प्रश्न
Which two forms of market earn normal profit in the long run?
In which type of market price discrimination is practiced? Explain with an example.
The monopolist's downward sloping demand curve means that it can increase sales only by changing a lower price.
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.
Read the following statements carefully and choose the correct alternative:
Assertion (A): Price discrimination is possible under monopoly.
Reason (R): A monopolist can charge different prices in different markets because different sets of consumers - rich and poor - have different price elasticity of demand for the monopolist's product.
Give an example of price discrimination.
Which type of market structure is the following? Give reason.
Jeans
Give two examples of a monopolistically competitive market.
What is meant by the term ‘price taker’?
What is the effect on price when a monopoly firm tries to sell more?
