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प्रश्न
There are no substitute goods in a monopoly market. Give a reason to support your answer.
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उत्तर १
- In a monopoly market, there are no substitute goods because the monopolist is the sole producer or provider of a unique product or service that no other firm offers.
- This absence of close substitutes means that consumers cannot switch to an alternative product if they find the monopolist's product too expensive or unsatisfactory.
- The monopolist's product is the only available option in the market, giving the monopolist significant control over pricing and market conditions.
- A monopoly's lack of competition from substitute goods is a defining feature, reinforcing the firm's dominant position in the market.
उत्तर २
The government may issue a license to a single producer to produce a specific commodity. As a result, a monopoly emerges. In addition, the government may elect to control the manufacture of specific items exclusively through departmental undertakings, such as India's railways. As a result, there are no close substitutes for the monopolistic product in the market. For example, there is no comparable 'bulk carrier' to railways.
संबंधित प्रश्न
Discuss any two features of a monopolistically competitive market.
Non-price competition is ______.
“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
"The price of a product under perfect competition is determined by an individual seller."
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 |
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 product differentiation.
Highlight the importance of selling costs in a monopolistically compatible market.
Identify the market form for the item given below:
Homogeneous goods
Give an example of price discrimination.
Which type of market structure is the following? Give reason.
Mobile phone services
Which type of market structure is the following? Give reason.
Jeans
With the help of an example explain the meaning of price discrimination.
To which market is price discrimination relevant?
Give two examples of a monopolistically competitive market.
Why can a monopolist charge different prices in different markets?
What is the difference between perfect and imperfect oligopoly?
Name the market which has characteristics both of monopoly and perfect competition.
Mention one feature of a monopoly market.
Name the characteristic which makes monopolistic competition different from perfect competition.
