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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
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 ______.
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’.
Selling costs are absent in perfect competition market.
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.
Following is the feature of perfect competition:
'Homogeneous products' is a characteristic of ______.
Differentiated 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:
In monopolistic competition, there are ______.
Indian Railways is an example of ______.
A monopolist is price maker:
Indian Oil Corporation Limited is an example of a/an ______.
The seller in a monopoly market is a price maker.
Which among the following is a feature of monopsony market?
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.
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.
The market structure which is characterised by a single producer of a commodity and when there are not close substitutes for that commodity:
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:
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 |
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 oligopoly.
Define monopsony.
State two important characteristics of monopoly.
Define product differentiation.
What are selling costs?
Why is there no need for selling cost under perfect competition?
Identify the market form of the following:
Goods sold are homogeneous.
Identify the market form for the following:
Perfectly elastic demand.
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. Give an example.
Define monopoly.
Give an example of price discrimination.
Which type of market structure is the following? Give reason.
Trucks
Which type of market structure is the following? Give reason.
Mobile phone services
Which type of market structure is the following? Give reason.
Soft drinks
Product differentiation is practised in monopolistic competition? Give reasons.
To which market is price discrimination relevant?
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?
Which market form has the least number of producers?
What induces new firms to enter an industry?
What is the effect on price when a perfectly competitive 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.
Identify the market form from the following.
Perfect knowledge
There is inverse relation between price and demand for the product of a firm under ______.
Why do producers incur high selling costs in an imperfect market?
Name the characteristic which makes monopolistic competition different from perfect competition.
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?
