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Question
State the market form of the following commodity.
Automobiles
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Solution
The market form of automobiles is an oligopoly.
RELATED QUESTIONS
Discuss any two features of a monopolistically competitive market.
The image above shows a departmental store of a market structure.
- Identify the form of market as observed from the above image.
- Discuss the features of this market form with respect to:
- Type of product
- Entry and exit of firms
- Selling cost
Following is the feature of perfect competition:
A monopolist is price maker:
There is no difference between perfect competition and pure competition.
"The price of a product under perfect competition is determined by an individual seller."
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 : ______
Which of the following is the least competitive market?
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 |
Define oligopoly.
Give an example of oligopoly.
State the advantage of monopolistic competition over monopoly.
Why is there no need for selling cost under perfect competition?
Identify the market form for the following:
Textile industry in India.
Identify the market form for the item given below:
A single seller
Name the market in which there is a single buyer and many sellers. Give an example.
Give an example of price discrimination.
Explain any four features of perfect competition.
Give two examples of a monopolistically competitive market.
Elaborate the price discrimination feature of monopoly.
