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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
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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
How is Perfect competitive market is different from a monopoly market?
'Homogeneous products' is a characteristic of ______.
"The price of a product under perfect competition is determined by an individual seller."
Match the following:
| Column I | Column II | ||
| A. | Monopoly | (i) | Availability of close substitutes |
| B. | Oligopoly | (ii) | Absence of close substitutes |
| C. | Perfect competition | (iii) | Few large sellers |
| D. | Monopolistic competition | (iv) | Homogeneous products |
Read the following statements carefully and choose the correct alternative:
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.
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.
Give three points of difference between perfect competition and monopoly.
State two important characteristics of monopoly.
Define product differentiation.
To which market is product differentiation relevant?
Why is there no need for selling cost under perfect competition?
Highlight the importance of selling costs in a monopolistically compatible market.
Identify the market form for the following:
Railways in India.
Identify the market form for the item given below:
Product differentiation
Explain any four features of perfect competition.
Which type of market structure is the following? Give reason.
Lipstick
Product differentiation is practised in monopolistic competition? Give reasons.
Give two examples of a monopolistically competitive market.
There are a large number of buyers and sellers under a ______ market.
Which statement correctly describes monopsony?
