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Question
'A few big sellers' is a characteristic of ______.
Options
Perfect competition
Monopolistic Competition
Oligopoly
All the above
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Solution
'A few big sellers' is a characteristic of oligopoly.
Explanation:
An oligopoly is defined as a market structure in which only a few large sellers or enterprises dominate the market. These corporations have considerable market power and may affect prices and output. This differs with perfect and monopolistic competition, which have a large number of sellers.
RELATED QUESTIONS
How is Perfect competitive market is different from a monopoly market?
In monopolistic competition, there are ______.
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 |
The seller in a monopoly market is a price maker.
Which of the following market types has the fewest number of firms?
Products sold by each firm in a perfectly competitive market are perfect substitutes of each other.
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.
Define monopolistic competition.
In which form of market is the seller a price taker? Justify your answer.
Identify the market form of the following:
Market for toilet soaps in India.
Identify the market form for the following:
Textile industry in India.
State the market form of the following commodity.
Shampoos
In which form of market do producers and consumers have perfect knowledge about the market conditions?
Define monopoly.
With the help of an example explain the meaning of price discrimination.
Give two examples of a monopolistically competitive market.
Name the characteristic which makes monopolistic competition different from perfect competition.
Which of the following is an example of a perfectly competitive market?
In which market form is there a single seller and no close substitutes for the product?
