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प्रश्न
Define perfect competition.
Define a perfect market.
Define a perfectly competitive market.
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उत्तर
Perfect competition is a form of market in which there are a large number of buyers and sellers and a homogeneous product is sold at a uniform price.
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संबंधित प्रश्न
Discuss any two features of a monopolistically competitive market.
Define Discriminating Monopoly.
Identify the market having a single buyer and many sellers from the following:
When products are differentiated on the basis of advertisements, brand names etc., it is called as ______.
The image above shows a departmental store of a market structure.
- Identify the form of market as observed from the above image.
- Discuss the features of this market form with respect to:
- Type of product
- Entry and exit of firms
- Selling cost
Explain three features of Perfect 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
Following is the feature of perfect competition:
Following is not the feature of perfect competition:
'Homogeneous products' is a characteristic of ______.
'A few big sellers' is a characteristic of ______.
Marginal revenue of a firm is constant throughout under:
A seller cannot influence the market price under:
A monopolist is price maker:
Indian Oil Corporation Limited is an example of a/an ______.
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 |
Observe the relationship of the first pair of words and complete the second pair.
Single seller in the market : Monopoly
Single buyer in the market : ______
The seller in a monopoly market is a price maker.
Which of the following market types has the fewest number of firms?
Identify the market form for seller A on the basis of the following information:
| Units of output sold | Price offered by seller A in ₹ |
| 30 | 10 |
| 40 | 10 |
| 50 | 10 |
Which one of the following is NOT found in a perfectly competition market?
Products sold by each firm in a perfectly competitive market are perfect substitutes of each other.
Which of the following is the least competitive market?
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.
Mention two features of monopoly.
Producers in a monopoly are price makers. Briefly explain.
There are no substitute goods in a monopoly market. Give a reason to support your answer.
Define monopolistic competition.
Define monopsony.
Give an example of monopsony.
State two important characteristics of monopoly.
To which market is product differentiation relevant?
Why is there no need for selling cost under perfect competition?
In which form of market is the seller a price taker? Justify your answer.
Identify the market form of the following:
The Government of India is the sole buyer of fighter aircrafts.
Identify the market form of the following:
Goods sold are homogeneous.
Identify the market form for the following:
Textile industry in India.
Identify the market form for the following:
Perfectly elastic demand.
State the market form of the following commodity.
Automobiles
State the market form of the following commodity.
Shampoos
Identify the market form for the item given below:
Homogeneous goods
Identify the market form for the item given below:
Product differentiation
Identify the market form for the item given below:
A single buyer
In which form of market do producers and consumers have perfect knowledge about the market conditions?
Name the market in which there is a single buyer and many sellers.
Explain any four features of perfect competition.
Explain the main characteristics of a monopoly.
Which type of market structure is the following? Give reason.
Scooters
Which type of market structure is the following? Give reason.
Mobile phone services
Which type of market structure is the following? Give reason.
Lipstick
Which type of market structure is the following? Give reason.
Soft drinks
Product differentiation is practised in monopolistic competition? Give reasons.
Monopolistic competition is the perfect blending of monopoly and perfect competition. Explain.
With the help of an example explain the meaning of price discrimination.
Give two examples of a monopolistically competitive market.
Why can a monopolist charge different prices in different markets?
What do you mean by homogeneous products?
To which market form are homogeneous products relevant?
What is meant by the term ‘price taker’?
What is the effect on price when a perfectly competitive firm tries to sell more?
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.
Firm is a price maker.
Identify the market form from the following.
Price discrimination
Identify the market form from the following.
Perfect knowledge
Identify the market form from the following:
A few large sellers
Mention one feature of a monopoly market.
Name the characteristic which makes monopolistic competition different from perfect competition.
What is a price making firm?
Why an individual firm under perfect competition cannot influence the market price?
Which of the following is an example of a perfectly competitive market?
In which market form is there a single seller and no close substitutes for the product?
Which feature best distinguishes monopolistic competition from perfect competition?
In which type of market are firms interdependent and a few large firms dominate?
