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Question
Name the market which has characteristics both of monopoly and perfect competition.
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Solution
Monopolistic competition has the characteristics both of monopoly and perfect competition. It has features of both monopoly and competition.
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| Column I | Column II | ||
| (i) | Perfectly elastic demand | (A) | Oligopoly |
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| (iii) | More elastic demand | (C) | Perfect competition |
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| Column I | Column II | ||
| A. | Monopoly | (i) | Availability of close substitutes |
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| D. | Monopolistic competition | (iv) | Homogeneous products |
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Automobiles
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Name the characteristic which makes monopolistic competition different from perfect competition.
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In which type of market are firms interdependent and a few large firms dominate?
