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Question
Why are selling costs incurred?
One Line Answer
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Solution
Selling costs are incurred to persuade the consumers to buy its product rather than other brands of the product.
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Chapter 5: Meaning and Types of Markets - QUESTION BANK [Page 119]
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RELATED QUESTIONS
Identify the market having a single buyer and many sellers from the following:
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?
What are selling costs?
Identify the market form for the item given below:
A single buyer
What induces new firms to enter an industry?
In what respects does oligopoly differ from monopoly?
Mention one feature of a monopoly market.
Why do producers incur high selling costs in an imperfect market?
What is a price making firm?
