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प्रश्न
Discuss any four differences between monopoly and monopolistic competition.
Distinguish between monopoly and monopolistic competition.
In what ways does monopoly differ from monopolistic competition?
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उत्तर
| Sr. No. | Basis | Monopoly | Monopolistic competition |
| 1. | Number of Sellers | There exists only single seller. | There are a large number of small sellers. |
| 2. | Product | Monopolist may sell homogeneous or differentiated products | Products are different but are close substitute of one another. |
| 3. | Entry of Firms | Entry of new firms in the market is restricted. | Free entry or exit of firms into the market. |
| 4. | Selling Costs | Only informative selling costs are incurred. | Huge amount of money is spent on advertisements, etc. |
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संबंधित प्रश्न
Discuss any two features of a monopolistically competitive market.
Non-price competition is ______.
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
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.
“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:
'Homogeneous products' is a characteristic of ______.
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 |
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.
Imperfect knowledge is a characteristic feature of:
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.
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 |
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.
Define monopsony.
Highlight the importance of selling costs in a monopolistically compatible market.
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:
Goods sold are homogeneous.
Identify the market form of the following:
Motor car market in India.
Identify the market form for the following:
Telecom industry in India.
State the market form of the following commodity.
Fighter Aircrafts
Give an example of price discrimination.
Which type of market structure is the following? Give reason.
Soft drinks
Product differentiation is practised in monopolistic competition? Give reasons.
What is the effect on price when a perfectly competitive firm tries to sell more?
What is the difference between collusive and non-collusive oligopoly?
What does perfectly elastic demand curve faced by a competitive firm indicate?
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?
In which market form is there a single seller and no close substitutes for the product?
