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What is meant by the term ‘price taker’?

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प्रश्न

What is meant by the term ‘price taker’?

What is meant by price-taker?

अति संक्षिप्त उत्तर
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उत्तर

Price taker means that an individual firm has no option but to sell its product at a market-determined price.

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पाठ 5: Nature and Structure of Markets - QUESTION BANK [पृष्ठ १४०]

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व्हिडिओ ट्यूटोरियलVIEW ALL [2]

संबंधित प्रश्‍न

Define Discriminating Monopoly.


Non-price competition is ______.


Selling costs are absent in perfect competition market.


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Indian Railways is an example of ______.


A monopolist is price maker:


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  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

There is no difference between perfect competition and pure competition.


"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 one of the following is NOT found in a perfectly competition market?


The market structure which is characterised by a single producer of a commodity and when there are not close substitutes for that commodity:


Which of the following is the least competitive market?


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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): 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.


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Define monopsony.


In which form of market is the seller a price taker? Justify your answer. 


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The Government of India is the sole buyer of fighter aircrafts.


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Goods sold are homogeneous.


Identify the market form for the following:

Railways in India.


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State the market form of the following commodity.

Fighter Aircrafts


Identify the market form for the item given below:

A single seller


In which form of market do producers and consumers have perfect knowledge about the market conditions?


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Which type of market structure is the following? Give reason.

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Which type of market structure is the following? Give reason.

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Elaborate the price discrimination feature of monopoly.


Identify the market form from the following:

A few large sellers


Which statement correctly describes monopsony?


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