Advertisements
Advertisements
प्रश्न
Indian Oil Corporation Limited is an example of a/an ______.
पर्याय
Competitive firm
Monopoly firm
Monopolistically competitive firm
Oligopolistic firm
Advertisements
उत्तर
Indian Oil Corporation Limited is an example of a/an Oligopolistic firm.
Explanation:
Indian Oil Corporation Limited (IOCL) is an example of an oligopolistic company because it works in an oligopolistic market structure. In India's oil and gas business, a few large firms, such as IOCL, Bharat Petroleum, and Hindustan Petroleum, dominate the market, exerting strong control over pricing and output, as is typical of an oligopoly.
APPEARS IN
संबंधित प्रश्न
Explain three features of Perfect competitive market.
"The price of a product under perfect competition is determined by an individual seller."
Identify the market form for seller A on the basis of the following information:
| Units of output sold | Price offered by seller A in ₹ |
| 30 | 10 |
| 40 | 10 |
| 50 | 10 |
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 |
Define monopsony.
Monopolistic competition is the perfect blending of monopoly and perfect competition. Explain.
Why can a monopolist charge different prices in different markets?
What is meant by the term ‘price taker’?
Elaborate the price discrimination feature of monopoly.
