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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.
Which two forms of market earn normal profit in the long run?
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 ______.
Non-price competition is ______.
In which type of market price discrimination is practiced? Explain with an example.
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
Selling costs are absent in perfect competition market.
What is the shape of the demand curve faced by any monopoly firm? Support your answer with a diagram.
“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
Marginal revenue of a firm is constant throughout under:
A seller cannot influence the market price under:
Match the following and select the correct option:
| Column I | Column II | ||
| (i) | Perfect competition | (A) | Differentiated Products |
| (ii) | Monopoly | (B) | Few large firms |
| (iii) | Monopolistic Competition | (C) | Single seller |
| (iv) | Oligopoly | (D) | Homogeneous products |
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 |
"The price of a product under perfect competition is determined by an individual seller."
A market where homogeneous products are sold with no control over price by an individual firm or a buyer is ______.
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 statements are true?
- Monopolistically competitive markets have high selling costs.
- Monopolistically competitive markets sell homogeneous goods.
- Any firm can start a business in a monopolistically competitive market.
The monopolist's downward sloping demand curve means that it can increase sales only by changing a lower price.
Which one of the following is NOT found in a perfectly competition market?
The market structure which is characterised by a single producer of a commodity and when there are not close substitutes for that commodity:
Which of the following is the least competitive market?
Match the following:
| Column I | Column II | ||
| A. | Monopoly | (i) | Availability of close substitutes |
| B. | Oligopoly | (ii) | Absence of close substitutes |
| C. | Perfect competition | (iii) | Few large sellers |
| D. | Monopolistic competition | (iv) | Homogeneous products |
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 |
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.
There are no substitute goods in a monopoly market. Give a reason to support your answer.
Give three points of difference between perfect competition and monopoly.
Define oligopoly.
Give an example of oligopoly.
Give an example of monopsony.
State two important characteristics of monopoly.
What are selling costs?
Why is there no need for selling cost under perfect competition?
Highlight the importance of selling costs in a monopolistically compatible market.
In which form of market is the seller a price taker? Justify your answer.
Identify the market form of the following:
Goods sold are homogeneous.
Identify the market form of the following:
Market for toilet soaps in India.
Identify the market form for the following:
Railways in India.
Identify the market form for the following:
Textile industry in India.
Identify the market form for the following:
Perfectly elastic demand.
Identify the market form for the following:
Telecom industry in India.
State the market form of the following commodity.
Railways
State the market form of the following commodity.
Shampoos
Identify the market form for the item given below:
A single seller
Identify the market form for the item given below:
Homogeneous goods
Identify the market form for the item given below:
Product differentiation
Name the market in which there is a single buyer and many sellers.
Give an example of monopoly.
Give an example of price discrimination.
Explain any four features of perfect competition.
Explain the main characteristics of a monopoly.
Which type of market structure is the following? Give reason.
Trucks
Which type of market structure is the following? Give reason.
Jeans
Which type of market structure is the following? Give reason.
Lipstick
Which type of market structure is the following? Give reason.
Soft drinks
Which type of market structure is the following? Give reason.
Ball-pen
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.
To which market form are homogeneous products relevant?
Which market form has the least number of producers?
What is meant by barriers to entry?
What is the difference between collusive and non-collusive oligopoly?
Name the market which has characteristics both of monopoly and perfect competition.
What does perfectly elastic demand curve faced by a competitive firm indicate?
Elaborate the price discrimination feature of monopoly.
Identify the market form from the following:
A few large sellers
There are a large number of buyers and sellers under a ______ market.
Why an individual firm under perfect competition cannot influence the market price?
Why are selling costs incurred?
Which of the following is an example of a perfectly competitive market?
Which feature best distinguishes monopolistic competition from perfect competition?
In which type of market are firms interdependent and a few large firms dominate?
