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Question
In which type of market price discrimination is practiced? Explain with an example.
Answer in Brief
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Solution
Price Discrimination means selling the same product to different consumers at different prices. This is practiced in the markets where competition is imperfect such as "Monopoly".
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RELATED QUESTIONS
'Homogeneous products' is a characteristic of ______.
There is no difference between perfect competition and pure competition.
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 |
Define oligopoly.
To which market is product differentiation relevant?
Why is there no need for selling cost under perfect competition?
What is meant by barriers to entry?
Elaborate the price discrimination feature of monopoly.
Mention one feature of a monopoly market.
Why are selling costs incurred?
