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Question
Firm A hires the services of Rohit Sharma to act as the Brand ambassador for its products X. Identify the nature of market for commodity X.
Options
Monopsony market
Monopoly market
Monopolistic competition
Perfect competition
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Solution
Monopolistic competition
RELATED QUESTIONS
In which type of market price discrimination is practiced? Explain with an example.
In monopolistic competition, there are ______.
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 |
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 |
Define perfect competition.
State two important characteristics of monopoly.
Explain the main characteristics of a monopoly.
Which type of market structure is the following? Give reason.
Soft drinks
Identify the market form from the following.
Firm is a price maker.
Identify the market form from the following.
Price discrimination
