Advertisements
Advertisements
Question
A market where homogeneous products are sold with no control over price by an individual firm or a buyer is ______.
Options
Monopolistically competitive market
Perfectly competitive market
Monopoly
Monopsony
Oligopoly
Advertisements
Solution
A market where homogeneous products are sold with no control over price by an individual firm or a buyer is perfectly competitive market.
Explanation:
In a perfectly competitive market, homogeneous products are sold, with neither particular enterprises nor buyers controlling the price. The market's supply and demand structure decides the price, and all enterprises act as price takers.
RELATED QUESTIONS
Discuss any two features of a monopolistically competitive market.
Which two forms of market earn normal profit in the long run?
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 ______.
Which among the following is a feature of monopsony market?
Imperfect knowledge is a characteristic feature of:
The market structure which is characterised by a single producer of a commodity and when there are not close substitutes for that commodity:
Mention two features of monopoly.
Give three points of difference between perfect competition and monopoly.
Identify the market form for the item given below:
Product differentiation
Define monopoly.
Explain the main characteristics of a monopoly.
To which market form are homogeneous products relevant?
What is the effect on price when a perfectly competitive firm tries to sell more?
Name the market which has characteristics both of monopoly and perfect competition.
There are a large number of buyers and sellers under a ______ market.
Why are selling costs incurred?
In which type of market are firms interdependent and a few large firms dominate?
