Main Market foroms

Under perfect competition a firm is the________________

• price maker and not price taker

• price taker and not price maker

• neither price maker not price taker

• none of the above

A Monopolist is a price ___________(taker/maker)

In --------------------firm and industry coincide

Name the market form in which demand curve is unknown.

Choose the features of perfect market frm following.

• barriers to entry

• differentiated product

• indeterminate demand curve

• perfect knowledge

The structure of the Shampoo industry in India is best described as:

• Perfect Competition

• Monopolistic Competition

• Oligopoly

• Monopoly

OPEC is an example of

• Collusive Oligopoly

• Non Collusive oligopoly

• Pure oligopoly

• Differentiated Oligopoly

Steel Industry is an example of

• Collusive Oligopoly

• Non Collusive oligopoly

• Pure oligopoly

• Differentiated Oligopoly

EDp is _________in Perfect competition, ________ in monopoly and _______in monopolistic competition (more/less/infinite)

Which of the following statements is incorrect?

• Under monopoly there is no difference between a firm and an industry.

• A monopolist may restrict the output and raise the price.

• Commodities offered for sale under a perfect competition will be heterogeneous.

• Product differentiation is peculiar to monopolistic competition