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Monopolistic Competition

Which of the ...

Question

Which of the following market structure arises when the products are differentiated as opposed to perfect substitutes?

A

Monopoly

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B

Oligopoly

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C

Perfect competition

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D

Monopolistic competition

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Solution

The correct option is D
Monopolistic competition

When products are differentiated and not perfect substitutes of each other, it results in a market structure called as monopolistic competition.

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Similar questions

Explain "perfect knowledge about the markets" feature of perfect competition.

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Why are the firms said to be interdependent in an oligopoly market? Explain.

Q. There are no selling costs in perfect competition as well as monopoly form of market.

Q. State whether the following statement are TRUE and FALSE.

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. 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

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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