In real life neither perfect competition nor monopoly situations are found.

True

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False

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Solution

The correct option is A True
True.
In real life situation neither perfect competition nor monopoly is found as these two markets have extremes conditions in the market where one is perfectly competitive and the other one has no competition respectively. In real life, market exist with moderate competition having differentiated product with large amount of buyers and sellers.

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Similar questions

Distinguish between monopoly and perfect competition.

Q. Distinguish between the following:

1. Perfect competition and Pure competition

2. Perfect competition and Monopoly

3. Natural monopoly and Social monopoly

4. Natural monopoly and legal monopoly

5. Perfect competition and Monopolistic competition

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Q. Price exceeds MC under monopoly, but not under perfect competition.

The demand curves for perfect competition, monopoly and monopolistic competition are respectively D, E and F. Arrange the demand curves in the order of increasing steepness.

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