Advertisements
Advertisements
Questions
In what respects does oligopoly differ from monopoly?
State any two differences between oligopoly and monopoly market.
Advertisements
Solution
| Sr. No. | Basis | Oligopoly | Monopoly |
| 1. | No. of sellers: | There are few large sellers producing a commodity. | There is only a single seller in the market. |
| 2. | Entry of new firms: | Entry of new firms is difficult. | Entry of new firms is restricted. |
| 3. | Demand curve: | The demand curve is indeterminate. | The demand curve faced by a monopoly firm is less elastic. |
| 4. | Product Differentiation: | Products may be identical (e.g., cement) or differentiated (e.g., cars). | The product has no close substitutes. |
APPEARS IN
RELATED QUESTIONS
Discuss any two features of a monopolistically competitive market.
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.
Following is not the feature of perfect competition:
'Homogeneous products' is a characteristic of ______.
Indian Railways is an example of ______.
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 ______.
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 |
"The price of a product under perfect competition is determined by an individual seller."
A market where homogeneous products are sold with no control over price by an individual firm or a buyer is ______.
Observe the relationship of the first pair of words and complete the second pair.
Single seller in the market : Monopoly
Single buyer in the market : ______
Pick the option which does not belong to the group.
The market structure which is characterised by a single producer of a commodity and when there are not close substitutes for that commodity:
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.
Define perfect competition.
Define monopolistic competition.
Give two characteristics of perfect competition.
In which form of market is the seller a price taker? Justify your answer.
State the market form of the following commodity.
Shampoos
Identify the market form for the item given below:
Homogeneous goods
Identify the market form for the item given below:
A single buyer
In which form of market do producers and consumers have perfect knowledge about the market conditions?
Name the market in which there is a single buyer and many sellers.
Define monopoly.
Give an example of monopoly.
Give an example of price discrimination.
Explain any four features of perfect competition.
Which type of market structure is the following? Give reason.
Mobile phone services
Which type of market structure is the following? Give reason.
Ball-pen
Product differentiation is practised in monopolistic competition? Give reasons.
To which market is price discrimination relevant?
What do you mean by homogeneous products?
To which market form are homogeneous products relevant?
What is the effect on price when a monopoly firm tries to sell more?
Identify the market form from the following.
Perfect knowledge
