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UNIT – I VGenerally, ‘Market’ means a particular place or an area where buyers and sellers gather to saleand purchase of goods. But, In economics by the term market we do not mean any particular place or locality inwhich goods are bought and sold. ‘Market’ may be defined as an arrangement of establishing effectiverelationship between buyers and sellers of the commodity.The terms market refers not any particular market place, in which things are bought and sold, butthe whole region in which buyers and sellers are in such a free contact with each other, that the price of goodtends to be the same . Characteristics / Features / Elements of MarketThe essential features of a market are : (i) A place, be it a certain region, a country or the entire world.(ii) Presence of both buyers and sellers of the commodity ( or, service) .(iii) Commodity to be bought and sold.( iv) Knowledge about market conditions .(v) Free contact between buyers and sellers that only one price prevails for the same commodityat the same time. Classification of Market Structures :The market behavior is generally affected by market structure .The classification of market forms , basedon the number of firms , the nature of product produced by them and price elasticity of demand ,is –1. Perfect Competition :Perfect Competition is a market situation , where there is a large number ofsellers ( Producers or Firms ) producing a homogeneous product at a single price .2. Imperfect Competition :Imperfect Competition market is the practical aspect of real life ,where buyers and sellers have imperfect knowledge of marketing conditions . Individual firms exercisecontrol over the price to a smaller or larger degree depending upon the degree of imperfection present in acase .Imperfect Competition has several sub-categories (A) Monopolistic Competition : In Monopolistic Competition a large number of firms producedsomewhat different products which are close substitutes of each other . As a result , demand curve facing afirm is highly elastic .(B) Oligopoly : Oligopoly is a market situation in which a ‘few producer’ can produce eitherhomogeneous or differentiated products . Producer are inter-depended upon one another for takingdecisions regarded price and output .(C) Monopoly : Monopoly means the existence of a single producer or seller which is producing orselling a product with has no closed substitutes .

PURE COMPETITION :The term ‘Pure Competition’ was introduced by E.H.Chamberlin into thetheory of pricing . According to Chamberlin , “ Pure Competition means competition unallowed by monopolyelements . It is must simpler and less exclusive concept than perfect competition for the latter may be interpretedto involve perfection in many other respects than the absence of monopoly .”Features of Pure Competition -(i)(ii)(iii)Large number of buyers and sellers .Homogeneous product .Free entry and exit of firms into industry . Difference between ‘Perfect Competition’Perfect Competitionand ‘Imperfect Competition’Imperfect Competition1. Large number of buyers andsellers .2. Homogeneous goods1. Number of buyers and sellers may be lesser3. goods at a single price .3. Selling goods at a different prices4. No Selling Cost4. Needs Selling Cost5. AR is equal to MR at each levelof output .5. AR and MR have a falling shape , whereMR fall sharply as compared to AR .2. Heterogeneous goods It refers to a market situation in which there are a large numbers of buyers and sellers, sellinghomogeneous goods at uniform price.Features / Characteristics :(1) Large No. of buyers and Sellers : - There, are a large number of firms (Sellers) and buyers in thismarket. A particular buyer and sellers can not affect the market; andmarket price. A firm is simply a price taker.(2) Homogeneous Product : - In this market, different firms produce and sell absolutely identical orhomogeneous products, so that buyers have no preference for the product ofany firm. There is no competitive advertising, no brands, no patents or anyother feature that makes one firm’s product look different from another.(3) Free Entry and Exit : - In this market, when industry get abnormal profits, many new firms entry intothe industry and when industry get abnormal losses same existing firms will starts toquite the industry. i.e. There is free entry & exit from the market or industry.(4) Perfect Knowledge : - Both sellers and buyers have perfect knowledge about the market conditions ofdemand & supply as well as about price. Due to perfect knowledge the market priceof the commodity is remain same.(5) Perfect Mobility : - In this market, goods as well as factors of production are perfectly mobile fromone industry to another industry. It is for this reason that fair wages are not paid to them.

(6) Absence of Selling & Transporting Cost : - Selling Cost means cost of advertisement of the product.Due to consumer’s perfect knowledge, producer needs not to spend onadvertisement for promoting their sale.In this market all producers work sufficiently close to each other, for there tobe no transporting cost and price tends to remain same at different places.(7) Uniform Price : - All goods are sold at a single price, by which AR MR. This price is determined bythe industry and adopted by the firms. The word ‘Monopoly’ means a single seller. Monopoly refers to a market situation inwhich there is a single firm having full control over the supply of a commodity, which has no close substitutes. Ithas its own price –output policy. It may charge uniform price from all the buyers or may follow the policy ofprice- discrimination.Features / Characteristics :(1) Single Sellers : - In monopoly, there is only one seller of commodity, who has complete control oversupply. There exists no difference between monopoly firm and industry.(2) Large No. of Buyers : - There are large number of buyers of monopoly product and no singlebuyers can influence the market.(3) No Close Substitutes : - Pure monopoly has no close substitutes at all its product, but simplemonopoly has close substitutes. In real life simple monopoly exits.(4) Restrictions of entry & exit of Firm : - Strong barriers to the entry of firms exits whenever thereis one firm having a sole control over the production of a commodity.(5) Price Discrimination : - The monopolist charges different price from different customers. He maycharge high price from rich customers and low price from poor customers.(6) Price Makers : - The monopolist being the sole sellers of the commodity in the market decides theprice of the commodity as there is no to challenge his price. Therefore he is rightlysaid as the price maker of the commodity.(7) Immobility of factors of Production : - All factors of production owned by the monopolist are notmobile. Due to immobility of factors the monopolist has the supreme commandover the combination of these resources. Monopolistic Competition in a market exists in which a large number of firms produce andsell products which are differentiated but close substitute of each other. In this market, there is a blending of theelements of monopoly and competition.Monopoly exists in the sense that each of a large number of firms exercises sole controlover the supply of its brand of the product. But along with it, a firm in this market structure also faces competitionfrom the other brands, which are close substitutes of its brand.

For Example,There are more than 20 brands of bathing soap, such as Lux, Godrej, Humam, Pears,Dove, Jai, etc available in the Indian market. A called ‘Hindustan Lever Ltd’ is the manufacturer of Lux andbecause it has patent- right over the trade name Lux, no one else can produce bathing soap named Lux. ThereforeHindustan Lever Ltd. is a single producer of Lux. But it can not be said to have pure monopoly because it has tocompete with other varieties of bathing soap.Features / Characteristics :(1) Large Number of Firms : - Under this market, there are relatively large No. of firms, each satisfying asmall share of the market demand for the product. There exits stiff competitionbetween them. They have a little control over supply of the market.(2) Product Differentiation : - Under this market, products of various firms are not identical as in perfectcompetition but neither are they remote substitute as in monopoly.(3) Some Influence Over the Price :- Under monopolistic competition, a firm has to choose a price –output policy which will maximise its profits. It means that an individualfirm is not only a price taker but will have some influence over the price ofits products.(4) Freedom of Entry and Exit : - Firms are free to enter into the industry or leave it. If the exiting firmsare earning huge profits, some new firms may join to share the profits and incase of losses to the working firms, they may exit out of the industry.(5) Limited Mobility : - In this market, the mobility of factors of production and goods is quite limited.A producer charges cost of transportation of goods from the buyers by which aparticular product has different prices at different places. The determination of price and outputs of various products, depends upon the type ofmarket structure in which they are produced, sold and purchased. Perfect competition is an extreme form ofmarket structure in which forces of demand and supply work quite freely to determine the price.Equilibrium is a state in which two opposite forces working on an object are in balance.Equilibrium price is that price at which the quantity of commodity that the sellers wish to sell is just equal toquantity that the buyers wish to buy.Prof. Marshall, Critically examined the classical and Austrian approaches and concludedthat an equilibrium price is determined with the market force of demand and supply. In Marshall words – “ As weneed two blades of a scissors to cut a price of cloth, similarly, we need both demand and supply to determineprice.”Market Demand : -Under this market, Demand depends upon Marginal utility (MU) of the commodity.For getting maximum satisfaction consumer would like to equate M. U. with price while buying a good. Since M.U. tends to diminish with an additional use of goods, therefore Demand curve has a negative slop i.e. Demandcurve is downward sloping curve.

Market Supply : -Under perfect competition, a large No. of firms form supply for the product. It is guideby law of supply – more goods are supplied at a higher price. Supply is equal to MC which is turn determinesprice. No. seller would be ready to accept, a price less than MC of the product. MC rises with additional outputand it has a upward rising curve.Thus, for the determination of equilibrium price, both supply force (MC) and demand force(MU) is needed. Price is determined by the interaction of the demand and supply curves in the market.( in )PriceMarketDemand( in Units)MarketSupply( in Units)SurplusorShortage10100500 4008200400 2006300300Market Clear4400200- 2002500100- In the above schedule and diagram, we se demand and supply of the commodity are shownat various levels of price.At price 6 per unit, the quantity demand ( 300 units ) is equal to quantity supplied ( 300 units).Thus, at this price( 6 ) the two forces of demand and supply are in balance. Price of 6 is called “ Equilibrium Price ” , wheredemand and supply is 300 units which can be called as “ Equilibrium Quantity.”

Assumptions of Equilibrium –(i)(ii)(iii)(iv)Demand curve should always a downward sloping curve from left to right.Supply curve should always a upward rising curve.Excess demand results into a price rise and excess supply causes a fall in price.There is no Govt. interference in price determination.Difference between ‘Perfect competition’, ‘Monopoly’ and ‘Monopolistic competition’Perfect CompetitionMonopolyMonopolistic Competition1. Large No. of Sellers and buyers.1.2. Products are homogenous orIdentical.2. Unique product with noclose substitutes.2.3. Perfect knowledge about market.3. Almost perfect knowledgeabout market.4. Firm is price maker.(Price discrimination indifferent sub – markets)5.AR MR6.AR (P) MC7. Needs no selling cost.3.8. Prefect mobility of factors ofproduction.9. Free entry & exit of firms.8.8.10. Perfectly elastic demand curve.10. Less elastic demand curve.4. Price taker firm ( Single pricefor all the goods.)5.AR MR6.AR MC7. There is no selling cost.YSingle Sellers and largeNo. of Buyers.No perfect mobility offactors of production.No freedom of entry. firms but lesser thanfirm in P. C. and large No.of buyers.Product differentiation withclose substitutes.[ Heterogeneous Goods ]Imperfect knowledge aboutmarket.Firms are price – maker.( Different prices by differentproducers)AR MRAR (P) MCA sizable amount of sellingcost.Factors of production areless mobile.No restriction over entry &exit of firms.10. More elastic demand curve.yE 1E AR MRE ityx

Equilibrium of the competitive firm in short runA competitive firm will reach equilibrium position at point where short run MR MC.At this point equilibrium output and price determined.In the above figure at point ‘e’ and ‘E’ MC and MRare equal to each other and at the ‘e’, MC cuts MR fromabove whereas that ‘E’, MC cuts MR from below. So, forequilibrium, the slope of MC is important. The aim of theproducer is maximize profit. At point ‘E’ output OQ1 ismore than OQ. Thus, point ‘E’ is the equilibrium point ofthe competitive firm.In Short PeriodThe aim of a monopolist is to earn maximum profits or suffer minimum losses. Monopolist, beingsingle seller of his product, can fix his price equal to, above or less than the short – run average cost of theproduct. Thus he can earn normal profits, super normal profits or incur losses even in the short period. The threecases of monopoly equilibrium can shows through the figures drawn below.Fig – 1In fig. – 1, AR SAC, Hence, amonopolist can earn normal profitsin the short period.Fig. - 2AR SAC, Hence , a monopolistcan earn super normal profits (RPSC)in the short period.

Fig – 3AR SAC, Hence, a monopolist.Can earn incur losses (SRPC) in theshort period.In LongPeriodIn the long run, the monopolist firm can increase his sales and maximize his profit only when hereduces the price. Thus the AR or demand curve slope downwards from left to right. The monopolist firm, in thelong run, reaches the equilibrium point where LMR LMCl ProfitPrice is greater thanLMC , LMR & MR .In the above diagram, the monopolist firm reaches the position of equilibrium at point E. At this point MR LMC and LMC curve cuts MR curve from below. OQ is the output and OR or PQ is the price which is equal toAR. Total profits of the firm is RSCP. Hence the monopolist firm can earn super normal profits in the long run.In Short PeriodUnder Monopolistic Competition, The equilibrium price and output is determined atthe point where SMC MR in the short period. The two cases of Monopolistic Competition equilibrium can beshown through the figures drawn below : -

Fig.-1Fig.-2In fig–1 shows AR or price is greater than SAC. PQ is the price and OQ is the output.Total Profit of a firm is PRSC.In fig–2 shows AR or price is less than SAC. OP is the price and OQ the output. OQ is thecost and total losses of the firm is PRCS.In LongPeriodUnder Monopolistic Competition, the equilibrium price and output is determinedat point where MR LMC and AR LAC.In the above diagram, point E is the equilibrium point where MR LMC and LMC cuts MR from below. OQ isthe output and QP is the price. At point P AR AC price. Hence the monopolistic competition firm can earnonly normal profits in the long run.

Some Terms Relating to Market Forms1. Equilibrium Price :- The equilibrium price , is the price at which demand and supply are equal toeach other or where purchases and sales of buyers and sellers respectively coincide .2. Equilibrium Quantity :- Equilibrium Quantity is that quantity , at which quantity demanded is equalto quantity supplied .3. Market Price :- It is the price determined by demand and supply forces in very short period .This price actually prevails in the market .4. Normal Price :- It is a long run price which is determined by stable equilibrium demand and supply .( Market Price oscillates around Normal Price ) .5. Price Ceiling Limit :- This Price Ceiling Limit signifies that price which a seller can charge at themaximum due to Government intervention .6. Price Floor Limit :- Price Floor Limit signifies that minimum price which Government fixes at theminimum to support the producers .For Agriculture Products this price is known asMinimum Support Price .7. Transfer Earning :- Transfer Earning of a factor is that money income which it can earn in its nextbest alternative used .8. Rent:- The difference between actual earning and its transfer earning is termed as Rent .9. Wages:-Wage is that price which is paid to the labour for his services given in production process.10. Price Discrimination :- The act of charging different prices from different buyers for the same goodsis known as price discrimination .11. Product Differentiation :- Different firms produced different varieties of goods which are closedsubstitutes of each other , is known as Product Differentiation .12. Selling Cost :- Advertisement Expenses spent for the production of sales is known as Selling Cost .13. Ceiling Price :- Ceiling Price is that maximum price which Government fixes for scare commodities .It is fixed below equilibrium price . It is also known as Control Price .14. Buffer Stocks :- It is the excessive stock purchased by the Govt. at minimum support price and storeit for future .Demand – supply analysis is an important tool of economics with which we can make fore telling about howprice and quantities will change in response to change in demand and supply.Shift in Demand : - If more or less quantity of a commodity is demanded at every alternative price due tochange in the factors other than price, the price of the commodity concerned, it is known as shift in demand.Shift in Supply : - If more or less quantity of a commodity is supplied at every alternative price due to changein the factors other than price of the commodity concerned, it is known as shift in supply.

A) Increase in Demand : - Supply curve remaining unchanged, it there is increase in demand,demand curve and equilibrium quantity and equilibrium price bothwill increase.In diagram, original DoDo demand curve and SS supply curve cut each other at point E o.So , ‘Eo’ is the equilibrium point, ‘Po’ is the equilibrium price and Qo is equilibrium quantity.Now, due to increase in demand D1D1 is the new demand curve. So equilibrium point shiftto ‘E1’ and equilibrium price tends to a higher level P 1 and Q1 is new equilibrium quantity. Thus both price andquantity increases.(B) Decrease in Demand : - In this situation demand curve and equilibrium point will shift tothe left. As a result of it, equilibrium quantity and equilibriumprice both will decrease.In diagram, originally DoDo Demand curve and SS supply curve cut each other at pointEo. Eo is the equilibrium point, Po is equilibrium price and Qo is equilibrium quantity.

Now, Due to decrease in demand D1D1 is the new demand curve, cut supply curve SS atpoint E1. SO E1 is new equilibrium point. P1 is new equilibrium price and Q1 is new equilibrium quantity. Thus,both price and quantity decrease.(A) Increase in Supply : - In diagram, original demand curve (DD) and supply curve (SS)intersect each other at equilibrium point E o, showing original price‘Po’ and original quantity demanded ‘Q o’.Due to increase in supply, new supply curve DD at new equilibrium point E 1. ‘P1’ new equilibrium price and Q1is new equilibrium quantity. Thus increase in supply leads to fall in price and increase in equilibrium quantity.(B) Decrease in Supply : -In diagram original demand curve (DD) and supply curve (SS)intersect each other at equilibrium point ‘E o’. Po and Qo respectivelyequilibrium price and quantity.Due to decrease in supply, new supply curve (S1 S1 ) intersect the demand curve (DD) at new equilibriumpoint E1. At this point, new equilibrium price increase to ‘P 1’ and the new equilibrium quantity reduces to ‘Q1’.(A) When Both Demand & Supply Increases(i) Both increase in equal proportion: -–

In this diagram, D1D1 shown the an increase in demand and supply. E 1 is new equilibrium point andPo is new equilibrium price and Q1 is new equilibrium quantity.i.e. when both demand and supply simultaneous increase by equal proportion, equilibrium price remain the same(Po) but the equilibrium quantity increases.(ii) Faster increase in Demand: - Due to increase in demand an faster rate than theincrease in supply, D1D1 and S1S1 intersect each other at E1 on a higher level and resulting equilibrium price andquantity increase from Po to P1 and Qo to Q1.(iii) Faster increase in Supply : Due to increase in supply an faster rate than the increase in supply, new equilibrium point E 1 on a lower level andresulting equilibrium price falls to P1 and equilibrium quantity increase to Q1.

(B) When Demand Increase Supply Decrease –Due to increase in demand new demand curve (D1D1) and decrease in supply newsupply curve (S1S1) cut each other at equilibrium point ‘E1’. equilibrium price rises from Po to P1 and equilibriumquantity remain unchanged (Qo).(C) When Supply Increase and Demand Decrease –Due to increase in supply new supply curve (S1S1) and decrease in demand , newdemand curve (D1D1), new equilibrium point is established at E 1 on a lower level and resulting equilibrium pricefalls to ‘P1’ and equilibrium quantity remarks unchanged (Qo).(D) When both demand and Supply Decrease –(i) In equal proportion :When simultaneous and equal decrease in both demand (DoDo to D1D1) and supply ( SoSo to S1S1),new equilibrium point is established at E1. Equilibrium price remain the same (P) but theequilibrium quantity decreases from Q o to Q1.

(ii) Faster Decrease in Demand :Due to decrease in demand an faster rate than the decrease in supply, D1D1 and S1S1 intersect each other at E1 ona lower level and resulting equilibrium price and quantity decrease from P to P1 and Q to Q1.(iii) Faster Decrease in SupplyDue to decrease in supply an faster rate than the decrease in demand . D1D1 and S1S1 intersect each other at E1on a higher level and resulting equilibrium price increase from Po to P1 and quantity decrease from Qo to Q1.

UNIT - IVFORMS OF MARKET AND PRICE DETERMINATIONMultiple Choice and Very Short Answer Type Questions:1. Features of Monopoly is :[ 2012 , 14 , ]( A ) Large number of firms / sellers .( B ) Free entry and exit of firms .( C ) One sellers and large number of sellers .( D ) None of the these .2. Market price is found in :[ 2015 , ]( A ) Short period market( B ) Long period market( C ) Very Long period market( D ) None of the these .3. What does a monopolist market show :[ 2016 , ]( A ) Production process .( B ) Distribution system .( C ) Economic development .( D ) All of the these .4. A seller cannot influence the market price under :[ 2017 , ]( A ) Perfect Competition .( B ) Monopoly .( C ) Monopolistic Competition .( D ) All of the these .5. Which of the following remain constant in perfect competition ?[ 2017 C , ]( A ) AR( B ) MR( C ) Both AR and MR .( D ) None of the these .6. The price of a goods is determined by :[ 2018 , ]( A ) Demand( B ) Supply( C ) Both (A) and (B)( D ) Government7. In which market product differentiation is found ?( A ) Perfect Competition .( B ) Monopoly .( C ) Monopolistic Competition .( D ) All of the these .8. Which of the following is true for Monopoly ?( A ) Firm is price maker .( B ) Demand curve slope downward .( C ) Price discrimination possibility arises .( D ) All of the above .9. There are large number of buyers and sellers in :( A ) Perfect Competition only( B ) Monopolistic Competition only( C ) Both (A) and (B)( D ) Oligopoly10. Which one is not a feature of Monopoly ?( A ) One buyers and many sellers( B ) Lack of close substitutes( C ) Restrictions of new firms( D ) All of the these11. Market situation where there is only one buyers is :( A ) Perfect Competition .( B ) Monopoly .( C ) Monopolistic Competition .( D ) None of the above .12. Which is a characteristics of a market ?( A ) Persons of both Buyers and Sellers .( B ) One area.( C ) Single price of the commodity .( D ) All of the above .13. Which one is not a feature of Perfect Competition ?( A ) Large number of buyers and sellers .( B ) Homogeneity of product .( C ) Perfect knowledge of the market.( D ) Advertisement and selling cost .

14. The concept of monopolistic competition is given by :( A ) Hicks( B ) Chamberlin( C ) Mrs. Robinson( D ) Samuelson15. Price of a commodity is determined at a point where :( A ) Demand exceeds( B ) Supply exceeds( C ) Demand equal Supply( D ) None of the above .16. In very short period , supply will be :( A ) Perfectly Elastic( B ) Perfectly Inelastic( C ) Elastic( D ) None of the above17. A Perfect Competition firm faces :( A ) Fixed Price( B ) Constant AR( C ) Constant MR( D ) All of the above18. Demand Curve of a firm is perfectly elastic under :( A ) Perfect Competition( B ) Monopoly .( C ) Monopolistic Competition .( D ) Oligopoly .19. Which is the component of factor price determination ?( A ) Rent( B ) Wage( C ) Interest( D ) All of the above20. Government decides ‘Price Celing’ :( A ) Which is less than the price decided by market .( C ) To make it affordable to the common man .#######Define Market .Define Monopoly MarketDefine Oligopoly Market .What is a firm ?Define Pure Competition .When is a firm ‘Price Maker’ ?What is meant by ‘Market Price’ ?########( B ) On necessary goods .( D ) All of the above .Define Perfect Competition Market .Define Monopolistic Competition Market .In which market firm is ‘price taker’ ?How many firms are Monopoly Market ?What is meant by Price Discrimination ?What is Equilibrium Price ?What is meant by ‘Normal Price’ ?Which word is used for Long-run price ?1. Define Market . [ 2020 Arts] , Perfect Competition [ 2018 Sc ] , [ 2016 Sc ] , [ 2014 Sc ][ 2014 Arts ] , [ 2010 Sc ]2. Mention the basic features of market .[ 2020 Sc ] , [ 2017 Sc ] , [ 2007 Sc ]3. What is Perfect Competition ? Explain the features of Perfect Competition .[ 2019 Sc ], [ 2019 Sc,Compt] , [ 2018 Sc ],[ 2018 Arts,Compt] , [ 2018 Sc,Compt] , [ 2015 Sc ], [ 2015 Arts ],[ 2014 Arts ], [ 2010 Compt] , [ 2009 Arts ],4. How is price determined under Perfect Competition Market ?[ 2020 Sc ] , [ 2018 Arts] , [ 2018 Sc,Compt] , [ 2016 Sc ] ,[ 2016 Arts ] , [ 2015 Arts ], [ 2015 Sc ], [ 2013 Sc ] [ 2008 Sc ] ,

5. Draw a AR Curve of a firm in Perfect Competition .[ 2018 Arts,Compt] ,[ 2015 Arts ], [ 2014 Arts ], [ 2010 Compt] ,6. Discuss the conditions of short-run equilibrium of a firm under Perfect Competition .[ 2019 Arts ], [ 2014 Arts ], [ 2009 Sc ],7. Explain those four bases on which different markets are defined . [ 2019 Arts,Compt][ 2018 Sc ],[ 2016 Sc ], [ 2014 Arts ],8. State any three features of Imperfect Competition .[ 2013 Arts ], [ 2009 Sc ],9. What do you mean by Equilibrium Price ?[ 2020 Sc ] , [ 2019 Arts ], [ 2017 Arts ],[ 2016 Sc ],10. How is Equilibrium Price determined ?[ 2011 Sc ],11. Define Monopoly. What are its main features ?[ 2020 Arts ], [ 2018 Arts ], [ 2017 Sc ], [ 2013 Arts ],12. How many firms are there in the monopoly market ? [ 2019 Arts ],13. Hoe is price determined under Monopoly ?[ 2018 Sc ], [ 2016 Arts ], [ 2010 Sc ],14. Firm is price maker in monopoly . Why ?[ 2015 Sc ],15. Define Monopolistic Competition .[ 2010 Sc ], [ 2010 Compt] ,16. Write the features of Monopolistic Competition Market .[ 2020 Sc ], [ 2011 Sc ], [ 2008 Sc ],17. Sketch the demand curve of monopolistic firm.[ 2014 Arts ],18. Distinguish between Perfect Competition and Imperfect Competition market .[ 2019 Sc Compt ],19. What is the difference between Perfect Competition and Monopoly ?[ 2018 Arts ], [ 2016 Arts ], [ 2014 Arts ], [ 2013 Sc ], [ 2011 Sc ],20. What is the difference between Monopoly and Monopolistic Competition Market .[ 2014 Sc ],21. Distinguish among Perfect Competition , Monopoly and Monopolistic CompetitionMarket .[ 2018 Sc,Compt] ,22. Difference between Market Price and Normal Price .[ 2017 Sc ],23. Explain the implication of the features homogeneous products in a Perfect Competition .[ 2016 Sc ],2020The End of Unit IV

supply. There exists no difference between monopoly firm and industry. (2) Large No. of Buyers: - There are large number of buyers of monopoly product and no single buyers can influence the market. (3) No Close Substitutes: - Pure monopoly has no close substitutes at all its product, bu

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