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Questions
Give two examples of a monopolistically competitive market.
Give an example of monopolistic competition.
Give two examples of monopolistically competitive market structure.
Give two examples of monopolistic markets in India.
Give two examples of monopolistic competition.
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Solution
- One well-known example of monopolistic competition is the restaurant business. To set themselves apart from other restaurants, each restaurant provides a unique eating experience, food, atmosphere, and level of service.
- Another example is the clothing sector. Clothes from different brands serve the same basic purpose but differ in terms of price, design, brand reputation, and quality. Because of the uniqueness of its products, every brand has some degree of control over its price.
Notes
Students should refer to the answer according to their question.
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RELATED QUESTIONS
Which two forms of market earn normal profit in the long run?
In which type of market price discrimination is practiced? Explain with an example.
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| Column I | Column II | ||
| (i) | Perfectly elastic demand | (A) | Oligopoly |
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| (iv) | Indeterminate demand | (D) | Monopoly |
Observe the relationship of the first pair of words and complete the second pair.
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Telecom industry in India.
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