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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
Justify the following statement with any two valid arguments. 'In a perfect competition market structure, an individual firm does not have any role in determining price’.
What is the shape of the demand curve faced by any monopoly firm? Support your answer with a diagram.
“While shopping for fruits in the local market you see many seller selling fruits”. In this context answer the following:
- What is the type of market referred to?
- State and draw the type of demand curve faced by the market above.
- Differentiate between the market indicated above and monopoly on the basis of:
- No. of sellers
- Market price
- Entry and exit of firms in the market
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 |
Which one of the following is NOT found in a perfectly competition market?
Define oligopoly.
Define product differentiation.
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:
The Government of India is the sole buyer of fighter aircrafts.
Identify the market form of the following:
Motor car market in India.
Define monopoly.
Which type of market structure is the following? Give reason.
Jeans
Which type of market structure is the following? Give reason.
Soft drinks
Which type of market structure is the following? Give reason.
Ball-pen
With the help of an example explain the meaning of price discrimination.
To which market is price discrimination relevant?
What is the difference between perfect and imperfect oligopoly?
Which feature best distinguishes monopolistic competition from perfect competition?
