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
What is the shape of the demand curve faced by any monopoly firm? Support your answer with a diagram.
'Homogeneous products' is a characteristic of ______.
Differentiated products is a characteristic 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 |
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 |
A market where homogeneous products are sold with no control over price by an individual firm or a buyer is ______.
Which among the following is a feature of monopsony market?
The monopolist's downward sloping demand curve means that it can increase sales only by changing a lower price.
Read the given statements carefully and select the correct option.
- The number of sellers under oligopoly are small.
- In monopolistically competitive markets, buyers and sellers have perfect knowledge about the market conditions.
A holiday resort in a remote village is very popular among the tourists. Since the connectivity is very poor with the outer world, the owner employs the local villagers for the functioning of the resort.
This is a case of:
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): 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.
What is meant by pure competition?
Mention two features of monopoly.
Define monopolistic competition.
What are selling costs?
In which form of market is the seller a price taker? Justify your answer.
Identify the market form of the following:
Market for toilet soaps in India.
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. Give an example.
Explain the main characteristics of a monopoly.
Discuss any four differences between monopoly and monopolistic competition.
Which type of market structure is the following? Give reason.
Trucks
Which type of market structure is the following? Give reason.
Scooters
Which type of market structure is the following? Give reason.
Mobile phone services
Product differentiation is practised in monopolistic competition? Give reasons.
With the help of an example explain the meaning of price discrimination.
To which market is price discrimination relevant?
What induces new firms to enter an industry?
What is the difference between collusive and non-collusive oligopoly?
Elaborate the price discrimination feature of monopoly.
Identify the market form from the following:
A few large sellers
There are a large number of buyers and sellers under a ______ market.
Name the characteristic which makes monopolistic competition different from perfect competition.
Why are selling costs incurred?
