Grade 11 Exam > Grade 11 Videos > Economics for Grade 11 > Non-Competitive Markets
Non-Competitive Markets Video Lecture | Economics for Grade 11
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83 videos|288 docs|49 tests
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FAQs on Non-Competitive Markets Video Lecture - Economics for Grade 11
| 1. What are some characteristics of non-competitive markets? |  |
Ans. Non-competitive markets typically have a small number of producers, high barriers to entry, and little to no price competition among firms. Additionally, in non-competitive markets, firms may have some degree of market power to influence prices.
| 2. What are some examples of industries that are typically non-competitive? | |
Ans. Industries such as utilities, natural monopolies, and certain types of professional services are often considered non-competitive due to the high barriers to entry and limited number of firms operating in the market.
| 3. How do non-competitive markets impact consumers? | |
Ans. In non-competitive markets, consumers may face higher prices, reduced choices, and potentially lower quality products or services. This is because firms in non-competitive markets have less incentive to compete on price or innovate to attract customers.
| 4. What role does government regulation play in non-competitive markets? | |
Ans. Government regulation is often necessary in non-competitive markets to prevent monopolistic behavior, ensure fair competition, and protect consumers. Regulations may include price controls, antitrust laws, and oversight of industry practices.
| 5. How can firms in non-competitive markets maintain their market power? | |
Ans. Firms in non-competitive markets can maintain their market power by creating high barriers to entry, such as owning essential resources or patents, engaging in predatory pricing to drive out competitors, or forming agreements with other firms to limit competition.
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Nov 23, 2024 Last updated |
Video Description: Non-Competitive Markets for Grade 11 2024 is part of Economics for Grade 11 preparation.
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