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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.
When products are differentiated on the basis of advertisements, brand names etc., it is called as ______.
“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
A monopolist is price maker:
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 |
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.
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.
Mention two features of monopoly.
Why is there no need for selling cost under perfect competition?
Highlight the importance of selling costs in a monopolistically compatible market.
Identify the market form for the following:
Railways in India.
State the market form of the following commodity.
Shampoos
Identify the market form for the item given below:
Homogeneous goods
In which form of market do producers and consumers have perfect knowledge about the market conditions?
Give an example of monopoly.
What is meant by the term ‘price taker’?
Identify the market form from the following.
Price discrimination
Identify the market form from the following.
Perfect knowledge
Identify the market form from the following:
A few large sellers
Why do producers incur high selling costs in an imperfect market?
