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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
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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’.
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A seller cannot influence the market price under:
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Indian Oil Corporation Limited is an example of a/an ______.
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 |
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Products sold by each firm in a perfectly competitive market are perfect substitutes of each other.
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Assertion (A): Price discrimination is possible under monopoly.
Reason (R): A monopolist can charge different prices in different markets because different sets of consumers - rich and poor - have different price elasticity of demand for the monopolist's product.
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What induces new firms to enter an industry?
