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प्रश्न
Define perfect competition.
Define a perfect market.
Define a perfectly competitive market.
Define perfect competition 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
Which two forms of market earn normal profit in the long run?
When products are differentiated on the basis of advertisements, brand names etc., it is called as ______.
In which type of market price discrimination is practiced? Explain with an example.
Explain three features of Perfect competitive market.
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.
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
Following is the feature of perfect competition:
Differentiated products is a characteristic of ______.
'A few big sellers' is a characteristic of ______.
A seller cannot influence the market price under:
In monopolistic competition, there are ______.
A monopolist is price maker:
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 ______.
There is no difference between perfect competition and pure competition.
A market where homogeneous products are sold with no control over price by an individual firm or a buyer is ______.
The seller in a monopoly market is a price maker.
Which among the following is a feature of monopsony market?
Pick the option which does not belong to the group.
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.
Imperfect knowledge is a characteristic feature of:
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 |
Products sold by each firm in a perfectly competitive market are perfect substitutes of each other.
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:
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): Under Perfect Competition, each firm faces a perfectly elastic demand curve.
Reason (R): Firm is a price maker under perfect competition.
What is meant by pure competition?
There are no substitute goods in a monopoly market. Give a reason to support your answer.
Define monopolistic competition.
Define oligopoly.
Give an example of monopsony.
Give two characteristics of perfect competition.
Define product differentiation.
What are selling costs?
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:
Market for toilet soaps in India.
Identify the market form for the following:
Railways in India.
State the market form of the following commodity.
Railways
State the market form of the following commodity.
Automobiles
Identify the market form for the item given below:
A single seller
Identify the market form for the item given below:
Product differentiation
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.
Give an example of monopoly.
Explain any four features of perfect competition.
Explain the main characteristics of a monopoly.
Discuss any four differences between monopoly and monopolistic competition.
Which type of market structure is the following? Give reason.
Trucks
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.
Jeans
Product differentiation is practised in monopolistic competition? Give reasons.
To which market is price discrimination relevant?
What do you mean by homogeneous products?
To which market form are homogeneous products relevant?
What is meant by the term ‘price taker’?
Which market form has the least number of producers?
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 is the difference between perfect and imperfect oligopoly?
What is the difference between collusive and non-collusive oligopoly?
Name the market which has characteristics both of monopoly and perfect competition.
Elaborate the price discrimination feature of monopoly.
Identify the market form from the following.
Price discrimination
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 ______.
Mention one feature of a monopoly market.
Why do producers incur high selling costs in an imperfect market?
Name the characteristic which makes monopolistic competition different from perfect competition.
What is a price making firm?
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?
