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प्रश्न
In what respects does oligopoly differ from monopoly?
State any two differences between oligopoly and monopoly market.
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उत्तर
| Sr. No. | Basis | Oligopoly | Monopoly |
| 1. | No. of sellers: | There are few large sellers producing a commodity. | There is only a single seller in the market. |
| 2. | Entry of new firms: | Entry of new firms is difficult. | Entry of new firms is restricted. |
| 3. | Demand curve: | The demand curve is indeterminate. | The demand curve faced by a monopoly firm is less elastic. |
| 4. | Product Differentiation: | Products may be identical (e.g., cement) or differentiated (e.g., cars). | The product has no close substitutes. |
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संबंधित प्रश्न
Discuss any two features of a monopolistically competitive market.
Which two forms of market earn normal profit in the long run?
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’.
“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:
'A few big sellers' is a characteristic of ______.
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 ______.
Match the following and select the correct option.
| Column I | Column II | ||
| (i) | Perfectly elastic demand | (A) | Oligopoly |
| (ii) | Less elastic demand | (B) | Monopolistic competition |
| (iii) | More elastic demand | (C) | Perfect competition |
| (iv) | Indeterminate demand | (D) | Monopoly |
"The price of a product under perfect competition is determined by an individual seller."
Which of these feature's is found in both a perfectly competitive market and a monopolistically competitive market?
The monopolist's downward sloping demand curve means that it can increase sales only by changing a lower price.
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:
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.
Give an example of oligopoly.
To which market is product differentiation relevant?
What are selling costs?
In which form of market do producers and consumers have perfect knowledge about the market conditions?
Which type of market structure is the following? Give reason.
Lipstick
With the help of an example explain the meaning of price discrimination.
To which market is price discrimination relevant?
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 does perfectly elastic demand curve faced by a competitive firm indicate?
Elaborate the price discrimination feature of monopoly.
Identify the market form from the following.
Perfect knowledge
There are a large number of buyers and sellers under a ______ market.
Name the characteristic which makes monopolistic competition different from perfect competition.
What is a price making firm?
Why an individual firm under perfect competition cannot influence the market price?
Which feature best distinguishes monopolistic competition from perfect competition?
Which statement correctly describes monopsony?
