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In monopolistic competition there are large no. Of buyers and sellers and have a full control over market. Oligopoly is the competition in which competition arises by the other factors apart from price. Monopolistic market structure identified this business because in this case of restaurants consumer have imperfect knowledge about the selling cost.
In monopolistic competition there are large no. Of buyers and sellers and have a full control over market. Oligopoly is the competition in which competition arises by the other factors apart from price. Monopolistic market structure identified this business because in this case of restaurants consumer have imperfect knowledge about the selling cost.
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In monopolistic competition there are large no. Of buyers and sellers and have a full control over market. Oligopoly is the competition in which competition arises by the other factors apart from price. Monopolistic market structure identified this business because in this case of restaurants consumer have imperfect knowledge about the selling cost.
Droits d'auteur :
Attribution Non-Commercial (BY-NC)
Formats disponibles
Téléchargez comme DOC, PDF, TXT ou lisez en ligne sur Scribd
Ans.1) Yes, this is an example of monopolistic competition
because in monopolistic competition there are large no. of buyers and sellers and have a full control over market same as in this of car industry many companies exist in market and large no. of buyers are there. So, each of these sellers make the product different or unique by some differentiation and also has full control over the small section of the market. Ans.2) Ans.3) Monopolistic market structure identified this business because in this case of restaurants consumer have imperfect knowledge about the selling cost because every restaurant have different types of expenditure or price according to their location , quality etc. .Every restaurant have there independent decision making about changing their price and other things.so they have unrestricted entry and exit from market. So, this comes under the monopolistic market. Ans.4) It comes under the oligopoly ,this is a situation where there a very few sellers who come together to make a cartel. Kinked demand is formed when if one company reduces the price then other also do the same because of the competition but if it is one company increases its price other will be keep their price constant.
Ans.5) Yes, I agree with this statement because oligopoly itself
implied a market dominated by a few seller . However any of the market in which a small number of large firms compete may be termed as oligopoly. In this all the seven oil producing nations are selling homogenous products under continuous consciousness of actions. Ans.6)
Ans.7) Reason of rising in the price of Oligopoly are as given
below…. 1)In oligopoly sellers change the market demand by changing their products. 2)Because of the few sellers in market the competition is not that much hard. 3) Oligopoly is the competition in which competition arises by the other factors apart from price like advertisement etc.
Ans.8) The best example for the Monopoly Competition is
Indian Railway. Yes, I think this creates inefficiency in the market because as In this case of Indian Railway they do not have to be very efficient and innovative because they have no competition in the market ,what do decide the buyer have to agree with that no one can deny or change their decision. Ans.9) a) LPU is the example of monopolistic competition as there have already many competitors in the market ex. IIPM,SYMBOISES, AMITY,PU etc. b) SBI is also the example of monopolistic competition ,they too have many contenders in the market for ex. PNB, ICICI, HDFC etc. Ans.10) 2 different cases are discussed in question, in first case as I am the seller of a raw material I comes under the perfect competition the simple reason behind this is then I have to except the price offered to me I will be a price taker then and in second case if I am selling a branded perfume then I come under the monopolistic competition because then I will be a price maker. I can decide by my own price according to the quality of product and other expenditures. Ans.11) Airtel and J.P Cement
Ans.13) GOOGLE comes under the oligopoly competition
because the there are very few competitors they have in market like YAHOO etc. KINGFISHER AIRLINES comes under the monopolistic competition as they have many contenders in the market like SPICE JET, AIR INDIA, GO AIR, JET AIRLINES etc. Ans.14) It will be horizontal because increase in the income of factors is not because of the change in the price of anything but in increases because of some other factor like in this case actors income increases due to the increase in demand for films.