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प्रश्न
Define product differentiation.
Define the following concept.
Product Differentiation
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उत्तर १
Product differentiation refers to differentiating the products on the basis of brand, size, color, shape, etc.
उत्तर २
According to Chamberlin, “A General class of product is differentiated if any sufficient basis exists for distinguishing the goods of one dealer from those of another. Such a basis may be real so long as it is of importance whatsoever to buyers and leads to a preference for any variety of the product over another”.
संबंधित प्रश्न
Discuss any two features of a monopolistically competitive market.
In which type of market price discrimination is practiced? Explain with an example.
Following is the feature of perfect competition:
'A few big sellers' is a characteristic of ______.
Indian Oil Corporation Limited is an example of a/an ______.
Which of these feature's is found in both a perfectly competitive market and a monopolistically competitive market?
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 |
Define perfect competition.
Give two characteristics of perfect competition.
State two important characteristics of monopoly.
State the advantage of monopolistic competition over monopoly.
Identify the market form of the following:
Motor car market in India.
Identify the market form for the item given below:
Homogeneous goods
Identify the market form for the item given below:
A single buyer
Explain any four features of perfect competition.
Explain the main characteristics of a monopoly.
Which market form has the least number of producers?
Why do producers incur high selling costs in an imperfect market?
Why an individual firm under perfect competition cannot influence the market price?
