Economics

The above image represents which type of market?

• Monopoly

• Monopolistic Competition

• Perfect Competition

• Oligopoly

What prevents a seller in Perfect Competition to influence the price?

• Similarity of products

• Large number of sellers

• Effective advertising by other sellers

• Interdependence of firms

Cartel formation is most likely to happen under which market?

• Perfect Competition

• Monopoly

• Oligopoly

• Monopolistic Competition

Which of the following is not true of a market?

• It brings buyers and sellers in contact

• It is confined to a place

• Its structure is determined by nature of commodity

• It is shaped by technology

Which of the following is a feature of oligopoly?

• Products are always identical

• Products do not have any substitute

• Products may be differentiated

• None of the above

In perfect competition, the seller is a price maker.

• True

• False

Monopolistic Competition has large number of sellers

• True

• False

A market is a well defined geographical area where buyers and sellers meet.

• True

• False

Cartel formation takes place in monopoly.

• True

• False

A new firm can easily enter in which market?

• Oligopoly

• Monopoly

• Perfectly competitive

• All of the above