Advertisements
Advertisements
Question
Which type of market structure is the following? Give reason.
Trucks
Advertisements
Solution
The market structure for trucks is oligopoly.
Reason:
Ford, Volvo, Tata, and Daimler lead the truck market. These companies create diverse goods with distinguishing characteristics such as different engine types, sizes, and technology. Thus, the truck market is an oligopoly, with a few large producers dominating.
APPEARS IN
RELATED QUESTIONS
Identify the market having a single buyer and many sellers from the following:
What is the shape of the demand curve faced by any monopoly firm? Support your answer with a diagram.
Match the following and select the correct option:
| Column I | Column II | ||
| (i) | Perfect competition | (A) | Differentiated Products |
| (ii) | Monopoly | (B) | Few large firms |
| (iii) | Monopolistic Competition | (C) | Single seller |
| (iv) | Oligopoly | (D) | Homogeneous products |
Indian Oil Corporation Limited is an example of a/an ______.
Identify the market form for seller A on the basis of the following information:
| Units of output sold | Price offered by seller A in ₹ |
| 30 | 10 |
| 40 | 10 |
| 50 | 10 |
Identify the market form of the following:
The Government of India is the sole buyer of fighter aircrafts.
Identify the market form for the item given below:
Homogeneous goods
Explain any four features of perfect competition.
Which type of market structure is the following? Give reason.
Soft drinks
Why can a monopolist charge different prices in different markets?
