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प्रश्न
Why is there no need for selling cost under perfect competition?
Name a market where selling cost is not required. Give a reason for your answer.
Why are selling costs not incurred in perfect competition?
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उत्तर
Selling costs are not incurred in perfect competition as there exists perfect knowledge among the buyers and sellers of homogeneous products.
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संबंधित प्रश्न
Discuss any two features of a monopolistically competitive market.
Identify the market having a single buyer and many sellers from the following:
Non-price competition is ______.
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’.
'Homogeneous products' is a characteristic of ______.
A seller cannot influence the market price under:
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 seller in a monopoly market is a price maker.
Pick the option which does not belong to the group.
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.
The market structure which is characterised by a single producer of a commodity and when there are not close substitutes for that commodity:
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 oligopoly.
State the advantage of monopolistic competition over monopoly.
In which form of market is the seller a price taker? Justify your answer.
Identify the market form for the following:
Textile industry in India.
State the market form of the following commodity.
Shampoos
Which type of market structure is the following? Give reason.
Mobile phone services
What do you mean by homogeneous products?
Elaborate the price discrimination feature of monopoly.
