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FORMS OF MARKET | ECONOMICS FOR SSC CPO AND SSC CGL EXAM Video Lecture | Economics for SSC CGL Exam (Hindi)
FAQs on FORMS OF MARKET - ECONOMICS FOR SSC CPO AND SSC CGL EXAM Video Lecture - Economics for SSC CGL Exam (Hindi)
| 1. What are the different forms of market in economics? |  |
Ans. In economics, there are various forms of markets that exist. These include perfect competition, monopolistic competition, oligopoly, and monopoly.
| 2. What is perfect competition in economics? | |
Ans. Perfect competition is a market structure where there are many buyers and sellers, all producing identical products, and no single buyer or seller has control over the market price. It is characterized by ease of entry and exit, perfect information, and price-taking behavior.
| 3. What is monopolistic competition in economics? | |
Ans. Monopolistic competition is a market structure where there are many buyers and sellers, but the products being sold are slightly differentiated. Each firm has some degree of market power, allowing them to influence the price. It is characterized by product differentiation, easy entry and exit, and non-price competition.
| 4. What is oligopoly in economics? | |
Ans. Oligopoly is a market structure where there are a few large firms dominating the market. These firms have significant market power and can influence the price. They often engage in strategic behavior and may collude to control the market. Examples include the automobile industry and the soft drink industry.
| 5. What is monopoly in economics? | |
Ans. Monopoly is a market structure where there is only one seller and no close substitutes for the product. The monopolist has complete control over the market and can set the price. It is characterized by high barriers to entry, lack of competition, and the ability to earn supernormal profits.
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Dec 22, 2024 Last updated |
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