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Question
Why are selling costs incurred?
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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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RELATED QUESTIONS
Selling costs are absent in perfect competition market.
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.
The market structure which is characterised by a single producer of a commodity and when there are not close substitutes for that commodity:
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 |
Identify the market form for the following:
Telecom industry in India.
Discuss any four differences between monopoly and monopolistic competition.
Which type of market structure is the following? Give reason.
Scooters
Give two examples of a monopolistically competitive market.
What is the effect on price when a monopoly firm tries to sell more?
Mention one feature of a monopoly market.
