Chapter 6 – Non-Competitive Markets Non -competitive markets is a chapter that briefly explains the different concepts of the market. They are – meaning and definition of market, monopoly, features of monopoly, price maker, how does monopoly market structure arise?, monopolistic competition, characteristics of monopolistic competition, meaning and features of oligopoly – a few firms, large number of buyers, entry barriers, non price competition, firm’s demand curve, shape of demand curve under different market situations, impossible to determine firm’s demand curve.
Frequently asked Questions on CBSE Class 12 Microeconomics Notes Chapter 6: Non-Competitive Markets
What is ‘monopolistic competition’?
Monopolistic competition characterises an industry in which many firms offer products or services that are similar (but not perfect) substitutes.
What is ‘oligopoly’?
An oligopoly is a market characterised by a small number of firms who realise they are interdependent in their pricing and output policies.
What is a ‘demand curve’?
The demand curve is a graphic presentation of a demand schedule expressing the relationship between different quantities of a commodity at different possible prices.