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Nilanjan Bhowmick AIR 3, CSIR NET (Earth Science)
- UGC NET
- Economics
Given that cost conditions are same, in monopoly price is and output is as compared to perfect competition. (1) higher, same (2) same, lower (3) higher, lower (
Given that cost conditions are same, in monopoly price is and output is as compared to perfect competition. (1) higher, same (2) same, lower (3) higher, lower (4) lower, higher - (1)i, HA (2) HHTF, T (3), i (4) t, Oligopoly is a market situation, where (1) there are few firms producing close substitutes (2) there are few firms producing entirely different goods (3) there are few firms producing complementary goods (4) there are two or more monopolistic firms 13 (P.T.C
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Nidhi taparia Best Answer
For the first question, the correct answer is (3). Given equivalent cost conditions, equilibrium price is higher and equilibrium output lower in the case of monopoly as compared to perfect competition. Because in perfect competition, AR = MR. But not so in Monopoly. For the second question, the correct answer is (1). Oligopoly markets are characterized by few firms and close substitutes. The word is derived from two Greek words - Oligo meaning few and poly meaning seller. A similar word is Oligarchy which means rule / government by a few.