CA Foundation Exam > CA Foundation Videos > Business Economics for CA Foundation > Price Determination in Monopolistic Market
Price Determination in Monopolistic Market Video Lecture | Business Economics for CA Foundation
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FAQs on Price Determination in Monopolistic Market Video Lecture - Business Economics for CA Foundation
| 1. What is price determination in a monopolistic market? |  |
Ans. Price determination in a monopolistic market refers to the process of setting the price of a product or service in a market where there is only one seller or supplier. In this type of market, the seller has complete control over the price and can set it based on factors such as demand, production costs, and competition.
| 2. How does a monopolistic market affect price and output? | |
Ans. In a monopolistic market, the seller has the power to set prices higher than in a competitive market due to the absence of competition. This can lead to higher prices for consumers. Additionally, monopolistic markets often result in lower output as the seller may choose to limit production in order to maintain higher prices and profits.
| 3. What factors influence price determination in a monopolistic market? | |
Ans. Several factors influence price determination in a monopolistic market. These include the seller's production costs, demand for the product or service, the level of competition (if any), and the seller's desired profit margin. Additionally, external factors such as government regulations and market conditions can also impact price determination.
| 4. How does a monopolistic market differ from a competitive market in terms of price determination? | |
Ans. In a competitive market, price determination is influenced by the forces of supply and demand. Sellers in a competitive market have limited control over prices as they must consider the prices set by other sellers. In contrast, in a monopolistic market, the seller has complete control over price determination and can set prices based on their own considerations, such as maximizing profits.
| 5. What are the advantages and disadvantages of price determination in a monopolistic market? | |
Ans. One advantage of price determination in a monopolistic market is that the seller has the ability to maximize profits by setting prices higher than in a competitive market. However, this can lead to disadvantages for consumers, such as higher prices and potentially lower quality products due to the absence of competition. Additionally, price determination in a monopolistic market can result in a lack of innovation and slower economic growth.
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Dec 22, 2024 Last updated |
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