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प्रश्न
How is Perfect competitive market is different from a monopoly market?
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उत्तर
Perfect competitive market is different from a monopoly market on the basis of following points:
- In a perfectly competitive market, sellers do not have control over the price. However, in a monopoly, the seller has complete control over the price.
- In a perfect competitive market, there are close substitutes, while in a monopoly, there are no available alternatives.
- In a competitive market, price is influenced by the interplay of demand and supply forces. However, in a monopoly, the seller has the power to determine the price. In a perfect competitive market, there are no barriers to entry.
- In monopoly, there exists a significant barrier to entry. There may be various barriers, such as patents or government regulations, that could potentially hinder progress.
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संबंधित प्रश्न
Identify the market having a single buyer and many sellers from the following:
'A few big sellers' is a characteristic of ______.
Products sold by each firm in a perfectly competitive market are perfect substitutes of each other.
Define perfect competition.
What is meant by pure competition?
Give three points of difference between perfect competition and monopoly.
Identify the market form for the following:
Railways in India.
Identify the market form for the item given below:
A single buyer
Explain the main characteristics of a monopoly.
What does perfectly elastic demand curve faced by a competitive firm indicate?
