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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
When products are differentiated on the basis of advertisements, brand names etc., it is called as ______.
In which type of market price discrimination is practiced? Explain with an example.
Following is the feature of perfect competition:
'Homogeneous products' is a characteristic of ______.
In monopolistic competition, there are ______.
A monopolist is price maker:
Which of these feature's is found in both a perfectly competitive market and a monopolistically competitive market?
Which one of the following is NOT found in a perfectly competition market?
Match the following:
| Column I | Column II | ||
| A. | Demand curve under perfect competition | (i) | Indeterminate demand curve |
| B. | Demand curve under monopoly | (ii) | Downward sloping but less elastic |
| C. | Demand curve under monopolistic competition | (iii) | Horizontal straight line |
| D. | Demand curve under oligopoly | (iv) | Elastic demand curve |
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.
Read the following statements carefully and choose the correct alternative:
Assertion (A): Buyers are ready to pay different prices for the product produced by different firms under perfect competition.
Reason (R): The products offered for sale in the perfect market are homogeneous.
Producers in a monopoly are price makers. Briefly explain.
Give three points of difference between perfect competition and monopoly.
Define oligopoly.
Give an example of monopsony.
State two important characteristics of monopoly.
Why is there no need for selling cost under perfect competition?
Highlight the importance of selling costs in a monopolistically compatible market.
In which form of market is the seller a price taker? Justify your answer.
Identify the market form of the following:
The Government of India is the sole buyer of fighter aircrafts.
Identify the market form of the following:
Goods sold are homogeneous.
Identify the market form of the following:
Market for toilet soaps in India.
Identify the market form for the following:
Railways in India.
State the market form of the following commodity.
Automobiles
Identify the market form for the item given below:
Product differentiation
Identify the market form for the item given below:
A single buyer
In which form of market do producers and consumers have perfect knowledge about the market conditions?
Define monopoly.
Discuss any four differences between monopoly and monopolistic competition.
Give two examples of a monopolistically competitive market.
What is meant by the term ‘price taker’?
What is the effect on price when a perfectly competitive firm tries to sell more?
What is the difference between collusive and non-collusive oligopoly?
In what respects does oligopoly differ from monopoly?
Elaborate the price discrimination feature of monopoly.
Why an individual firm under perfect competition cannot influence the market price?
In which type of market are firms interdependent and a few large firms dominate?
Which statement correctly describes monopsony?
