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प्रश्न
In which form of market is the seller a price taker? Justify your answer.
In which market form the firm is price taker?
“Under which type of a market are producers price takers?”
Under which market form a firm is a price-taker?
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उत्तर
- In a perfectly competitive market, the seller is a price taker.
- In perfect competition, there are many sellers and purchasers in the market, and all firms sell identical (homogeneous) products. Because each firm’s output is small in comparison to the entire market supply, no single seller can influence market price.
- Because all businesses sell the same commodities, no company can differentiate its product sufficiently to demand a higher price, requiring every seller to be a price taker.
Notes
Students should refer to the answer according to the question.
APPEARS IN
संबंधित प्रश्न
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 ______.
Selling costs are absent in perfect competition market.
In monopolistic competition, there are ______.
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 ______.
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.
Pick the option which does not belong to the group.
The monopolist's downward sloping demand curve means that it can increase sales only by changing a lower price.
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.
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Producers in a monopoly are price makers. Briefly explain.
There are no substitute goods in a monopoly market. Give a reason to support your answer.
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Give an example of monopsony.
Define product differentiation.
To which market is product differentiation relevant?
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Explain the main characteristics of a monopoly.
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Identify the market form from the following.
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There is inverse relation between price and demand for the product of a firm under ______.
Mention one feature of a monopoly market.
In which market form is there a single seller and no close substitutes for the product?
