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Monopolistic Competition

Which of the ...

Question

Which of the following features refers to monopolistic competition?

A

Single seller and single product

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B

Single seller and differentiated products

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C

Few sellers and differentiated products

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D

Many sellers and differentiated products

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Solution

The correct option is D
Many sellers and differentiated products

Under monopolistic competition, there are a large number of buyers and sellers in the market. Products of various firms are similar in nature but are differentiated in terms of brand name, shape, quality, etc. It is the feature which distinguishes monopolistic competition from perfect competition.

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Similar questions

Q. Fill in the blanks with appropriate alternatives given in the brackets:

1. Under perfect competition commodities are ________________ in nature. (homogeneous/ classified/ heterogeneous/ supplementary)

2. _____________ appears in a monopoly market. (product differentiation/ price discrimination/ individual differentiation/ packing differentiation)

3. The price at which demand and supply equate to each other is called _______ price. (general/ equilibrium/ short-run/ reserve)

4. In ________ market, seller creates products differentiation. (competition/ perfect/ pure/ monopolistic competition)

5. Monopolist means __________ competitive. (single seller/ several seller/ single buyer/ several buyer)

Which of the following is not a feature of perfect competition ?

(a) Large no. of buyers

(b) Free entry and exit

(c) Large no. of sellers

(d) Differentiated products

Q. In a perfect competition, seller has to incur selling expenses because his product has to be differentiated from the supplied by other sellers.

Q. A firm that sells products in a market characterised by many sellers and buyers, differentiated products, and unlimited long-run resource mobility is

Q. Explain the following features of perfect competition:
(i) Large number of buyers and sellers.
(ii) Homogeneous products.

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