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प्रश्न
Define perfect competition.
Define a perfect market.
Define a perfectly competitive market.
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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.
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संबंधित प्रश्न
Define Discriminating Monopoly.
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.
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
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.
“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
Following is the feature of perfect competition:
'Homogeneous products' is a characteristic of ______.
'A few big sellers' is a characteristic of ______.
Marginal revenue of a firm is constant throughout under:
A monopolist is price maker:
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 ______.
A market where homogeneous products are sold with no control over price by an individual firm or a buyer is ______.
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 : ______
The seller in a monopoly market is a price maker.
Which among the following is a feature of monopsony market?
Pick the option which does not belong to the group.
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.
The monopolist's downward sloping demand curve means that it can increase sales only by changing a lower price.
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.
Imperfect knowledge is a characteristic feature of:
Which of the following market types has the fewest number of firms?
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): 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.
There are no substitute goods in a monopoly market. Give a reason to support your answer.
Give three points of difference between perfect competition and monopoly.
Define monopolistic competition.
Define oligopoly.
Give an example of oligopoly.
Define monopsony.
Give an example of monopsony.
Give two characteristics of perfect competition.
What are selling costs?
In which form of market is the seller a price taker? Justify your answer.
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:
Textile industry in India.
Identify the market form for the following:
Telecom industry in India.
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:
Homogeneous goods
Identify the market form for the item given below:
Product differentiation
Identify the market form for the item given below:
A single buyer
Name the market in which there is a single buyer and many sellers.
Define monopoly.
Give an example of monopoly.
Give an example of price discrimination.
Explain any four features of perfect competition.
Discuss any four differences between monopoly and monopolistic competition.
Which type of market structure is the following? Give reason.
Trucks
Which type of market structure is the following? Give reason.
Scooters
Which type of market structure is the following? Give reason.
Jeans
Product differentiation is practised in monopolistic competition? Give reasons.
Why can a monopolist charge different prices in different markets?
What induces new firms to enter an industry?
What is the effect on price when a monopoly firm tries to sell more?
What does perfectly elastic demand curve faced by a competitive firm indicate?
In what respects does oligopoly differ from monopoly?
Identify the market form from the following.
Firm is a price maker.
Identify the market form from the following.
Perfect knowledge
Identify the market form from the following:
A few large sellers
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.
Why are selling costs incurred?
In which market form is there a single seller and no close substitutes for the product?
