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प्रश्न
State the advantage of monopolistic competition over monopoly.
Giving reasons state the advantages of monopolistic competition over monopoly.
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उत्तर
Advantages of monopolistic competition over monopoly.
- The price charged by a firm under monopolistic competition is lower than the price charged by a monopolist.
- Large varieties of the product are available in monopolistic competition, whereas a monopolist generally provides only one variety of the product.
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संबंधित प्रश्न
'A few big sellers' is a characteristic of ______.
"The price of a product under perfect competition is determined by an individual seller."
Pick the option which does not belong to the group.
Read the given statements carefully and select the correct option.
- The number of sellers under oligopoly are small.
- In monopolistically competitive markets, buyers and sellers have perfect knowledge about the market conditions.
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:
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 perfect competition.
Give an example of oligopoly.
Give two characteristics of perfect competition.
Define product differentiation.
To which market is product differentiation relevant?
Identify the market form for the following:
Telecom industry in India.
Define monopoly.
Which type of market structure is the following? Give reason.
Soft drinks
Product differentiation is practised in monopolistic competition? Give reasons.
To which market form are homogeneous products relevant?
Which market form has the least number of producers?
What does perfectly elastic demand curve faced by a competitive firm indicate?
Identify the market form from the following:
A few large sellers
Which feature best distinguishes monopolistic competition from perfect competition?
