Q. Which of the following are found in Monopolistic competition?
Select the correct answer from fhs code given below:

1, 2 and 3 only

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1, 2, 4 and 5 only

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2, 4 and 5 only

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1, 3, 4 and 5

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Solution

The correct option is B
1, 2, 4 and 5 only
Explanation:

Feature of Monopolistic competition are:
(a) Large no. of firms
(b) Differentiated products
(c) Close substitutes such as soaps, cosmetics etc.
(d) Some scope of exploitation
(e) Firms have some control over prices
(f) Free entry and exit
(g) No interdependence

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1. There is no price discrimination under Monopolistic competition.

2. In a monopoly market, firm and industry are the same.

3. Product differentiation is not possible under perfect competition.

4. Under perfect competition, price is determined by equilibrium of demand and supply.

Q. Give reasons or explain:

1. Single price prevails in perfect competition.

2. Price discrimination is possible under monopoly.

3. Selling cost is incurred by a firm in Monopolistic competition.

4. A monopolist can control the supply of goods.

5. Sellers and the buyers are price takers in perfect competition.

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Q. In monopolistic competition, firms earn only ______ in the long run.

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Q. Which of the following are found in Monopolistic competition? Select the correct answer from fhs code given below:

Q. Which of the following are found in Monopolistic competition?
Select the correct answer from fhs code given below: