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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
Justify the following statement with any two valid arguments. 'In a perfect competition market structure, an individual firm does not have any role in determining price’.
Firm A hires the services of Rohit Sharma to act as the Brand ambassador for its products X. Identify the nature of market for commodity X.
“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 price of a product under perfect competition is determined by an individual seller."
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:
Give three points of difference between perfect competition and monopoly.
Give an example of oligopoly.
To which market is product differentiation relevant?
State the advantage of monopolistic competition over monopoly.
Identify the market form for the following:
Perfectly elastic demand.
In which form of market do producers and consumers have perfect knowledge about the market conditions?
Define monopoly.
Which type of market structure is the following? Give reason.
Trucks
Which type of market structure is the following? Give reason.
Lipstick
Give two examples of a monopolistically competitive market.
Which market form has the least number of producers?
What is the effect on price when a monopoly firm tries to sell more?
What does perfectly elastic demand curve faced by a competitive firm indicate?
In what respects does oligopoly differ from monopoly?
Identify the market form from the following:
A few large sellers
