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प्रश्न
Define monopolistic competition.
Define a monopolistically competitive market.
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उत्तर
Monopolistic competition is a market structure in which the number of firms is large, there is free entry and exit of firms, and the firms produce differentiated products.
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संबंधित प्रश्न
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
Following is the feature of perfect competition:
Following is not the feature of perfect competition:
'A few big sellers' is a characteristic of ______.
A seller cannot influence the market price under:
In monopolistic competition, there are ______.
There is no difference between perfect competition and pure competition.
Which among the following is a feature of monopsony market?
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.
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 |
The market structure which is characterised by a single producer of a commodity and when there are not close substitutes for that commodity:
What is meant by pure competition?
Define oligopoly.
Give an example of oligopoly.
State two important characteristics of monopoly.
Identify the market form of the following:
The Government of India is the sole buyer of fighter aircrafts.
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
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.
Give an example of monopoly.
Give an example of price discrimination.
Explain the main characteristics of a monopoly.
Which type of market structure is the following? Give reason.
Scooters
Monopolistic competition is the perfect blending of monopoly and perfect competition. Explain.
What is meant by the term ‘price taker’?
What induces new firms to enter an industry?
What is meant by barriers to entry?
What is the effect on price when a perfectly competitive firm tries to sell more?
Elaborate the price discrimination feature of monopoly.
Identify the market form from the following:
A few large sellers
There is inverse relation between price and demand for the product of a firm under ______.
In which market form is there a single seller and no close substitutes for the product?
