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प्रश्न
Mention two features of monopoly.
Explain three main features of monopoly.
State two important characteristics of monopoly.
Explain the main characteristics of a monopoly.
State three main features of a monopoly market.
Explain one feature of a monopoly market.
Explain the important characteristics (features) of a monopoly market.
Discuss four main features of a monopoly market.
State any three main characteristics of monopoly.
Discuss two features of monopoly.
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उत्तर
- Single seller and large number of buyers: Under monopoly, there is only one seller or firm or manufacturer of a commodity. The product sold by the monopolist may or may not be homogeneous. The existence of a single seller of one product eliminates the difference between the firm and the industry. There can be any number of buyers under a monopoly.
- No Close Substitutes: A second feature of monopoly is that there are no close substitutes available for the product sold by the monopolist. A pure monopoly exists only when there is no close substitute for the product sold by the monopolist. Indian railways is another example of a monopoly.
- Restriction on the Entry of New Firms: Under monopoly, new firms cannot enter the industry. There are strong barriers that prevent new firms from entering the industry. These barriers may take several forms, such as patent rights government licences, economies of scale, etc. Thus, a monopolist faces no competition and earns abnormal profit in the long run.
- Firm is a Price-Maker: Due to strong barriers to the entry of new firms into the industry, the monopoly firm has full control over the supply of its product. Therefore, it has full control over its price, too. It can influence the market price by varying its supply.
- Price Discrimination: The act of selling the same product at different prices to different buyers is known as price discrimination. A monopolist can charge different prices to his different buyers easily. If a monopolist adopts a policy of price discrimination, the situation is called a discriminating monopoly.
Notes
Students should refer to the answer according to their question.
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संबंधित प्रश्न
Identify the market having a single buyer and many sellers from the following:
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’.
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“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
Differentiated products is a characteristic of ______.
'A few big sellers' is a characteristic of ______.
Marginal revenue of a firm is constant throughout under:
A seller cannot influence the market price under:
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 ______.
There is no difference between perfect competition and pure competition.
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 seller in a monopoly market is a price maker.
Which among the following is a feature of monopsony market?
The monopolist's downward sloping demand curve means that it can increase sales only by changing a lower price.
The market structure which is characterised by a single producer of a commodity and when there are not close substitutes for that commodity:
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 monopolistic competition.
Give an example of monopsony.
To which market is product differentiation relevant?
State the advantage of monopolistic competition over monopoly.
Highlight the importance of selling costs in a monopolistically compatible market.
Identify the market form for the following:
Textile industry in India.
In which form of market do producers and consumers have perfect knowledge about the market conditions?
Define monopoly.
Which type of market structure is the following? Give reason.
Soft drinks
Which type of market structure is the following? Give reason.
Ball-pen
Product differentiation is practised in monopolistic competition? Give reasons.
What do you mean by homogeneous products?
What induces new firms to enter an industry?
What is the effect on price when a monopoly firm tries to sell more?
What does perfectly elastic demand curve faced by a competitive firm indicate?
In what respects does oligopoly differ from monopoly?
Identify the market form from the following.
Price discrimination
There is inverse relation between price and demand for the product of a firm under ______.
Why an individual firm under perfect competition cannot influence the market price?
In which market form is there a single seller and no close substitutes for the product?
