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प्रश्न
Which type of market structure is the following? Give reason.
Jeans
थोडक्यात उत्तर
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उत्तर
The market structure for jeans is monopolistic competition.
Reason:
- The jeans market is controlled by several sellers, including Levi's, Wrangler, Lee, and several other brands that offer comparable items but differ in terms of style, quality, brand image, and pricing.
- Each brand has some pricing control due to product differentiation, but there are many competitors, and customers can easily switch brands.
- This is an important element of monopolistic competition, where firms compete based on product differentiation rather than price alone.
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संबंधित प्रश्न
Discuss any two features of a monopolistically competitive market.
Following is the feature of perfect competition:
A monopolist is price maker:
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 |
Mention two features of monopoly.
Define oligopoly.
Give an example of monopsony.
State the market form of the following commodity.
Fighter Aircrafts
Give two examples of a monopolistically competitive market.
What is a price making firm?
