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Business Studies

Domestic Business vs International Business

Which of the ...

Question

Which of the following is not a characteristic of monopolistic competition?

A

Ease of entry into the industry.

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B

Product differentiation.

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C

A relatively large number of sellers.

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D

A homogeneous product.

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Solution

The correct option is C A homogeneous product.
In monopolistic competition the firm sells differentiated but close substitute products. Homogeneous products are sold in perfect competition.

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Similar questions

Q. The main features of monopolistic competition are:
I. large number of firms
II. product differentiation
III. free entry and exit
IV. homogeneous product

Q. Which of the following is/are the features of perfect competition?
(i) Large number of buyers and sellers
(ii) Freedom of entry and exit
(iii) Perfect mobility of resources
(iv) Homogeneous product

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

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)

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