Advertisements
Advertisements
प्रश्न
Define perfect competition.
Define a perfect market.
Define a perfectly competitive market.
Advertisements
उत्तर
Perfect competition is a form of market in which there are a large number of buyers and sellers and a homogeneous product is sold at a uniform price.
APPEARS IN
संबंधित प्रश्न
Define Discriminating Monopoly.
Which two forms of market earn normal profit in the long run?
When products are differentiated on the basis of advertisements, brand names etc., it is called as ______.
The image above shows a departmental store of a market structure.
- Identify the form of market as observed from the above image.
- Discuss the features of this market form with respect to:
- Type of product
- Entry and exit of firms
- Selling cost
How is Perfect competitive market is different from a monopoly market?
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’.
Firm A hires the services of Rohit Sharma to act as the Brand ambassador for its products X. Identify the nature of market for commodity X.
What is the shape of the demand curve faced by any monopoly firm? Support your answer with a diagram.
“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
'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 ______.
Indian Railways is an example of ______.
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 price of a product under perfect competition is determined by an individual seller."
Observe the relationship of the first pair of words and complete the second pair.
Single seller in the market : Monopoly
Single buyer in the market : ______
Which of these feature's is found in both a perfectly competitive market and a monopolistically competitive market?
Which of the following statements are true?
- Monopolistically competitive markets have high selling costs.
- Monopolistically competitive markets sell homogeneous goods.
- Any firm can start a business in a monopolistically competitive market.
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.
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:
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:
Which of the following is the least competitive 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): 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.
Read the following statements carefully and choose the correct alternative:
Assertion (A): Under Perfect Competition, each firm faces a perfectly elastic demand curve.
Reason (R): Firm is a price maker under perfect competition.
Mention two features of monopoly.
Give three points of difference between perfect competition and monopoly.
Define monopolistic competition.
Give an example of oligopoly.
Give an example of monopsony.
Give two characteristics of perfect competition.
To which market is product differentiation relevant?
State the advantage of monopolistic competition over monopoly.
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:
Motor car market in India.
Identify the market form of the following:
Market for toilet soaps in India.
Identify the market form for the following:
Railways in India.
Identify the market form for the following:
Perfectly elastic demand.
State the market form of the following commodity.
Railways
State the market form of the following commodity.
Automobiles
State the market form of the following commodity.
Fighter Aircrafts
Identify the market form for the item given below:
A single seller
Identify the market form for the item given below:
Product differentiation
In which form of market do producers and consumers have perfect knowledge about the market conditions?
Explain the main characteristics of a monopoly.
Which type of market structure is the following? Give reason.
Trucks
Which type of market structure is the following? Give reason.
Mobile phone services
Which type of market structure is the following? Give reason.
Jeans
Which type of market structure is the following? Give reason.
Lipstick
Product differentiation is practised in monopolistic competition? Give reasons.
With the help of an example explain the meaning of price discrimination.
Why can a monopolist charge different prices in different markets?
What do you mean by homogeneous products?
To which market form are homogeneous products relevant?
What is meant by the term ‘price taker’?
What induces new firms to enter an industry?
What is meant by barriers to entry?
Name the market which has characteristics both of monopoly and perfect competition.
Identify the market form from the following.
Price discrimination
There is inverse relation between price and demand for the product of a firm under ______.
There are a large number of buyers and sellers under a ______ market.
Mention one feature of a monopoly market.
Why do producers incur high selling costs in an imperfect market?
Name the characteristic which makes monopolistic competition different from perfect competition.
What is a price making firm?
Why are selling costs incurred?
Which of the following is an example of a perfectly competitive market?
Which feature best distinguishes monopolistic competition from perfect competition?
