Question

B. Choose appropriate word and fill in the blank

1. Under perfect competition, price is determined by______

2. Price discrimination is possible under______

3. Product differentiation allows_________ control over price.

4. The output under monopolistic competition is________then under perfect competition.

5. In monopoly market, the monopolist is a price_______

6. Homogeneous product is the main feature of________

7. There are ________sellers in a 'Duopoly Market.

8. In case of monopolistic competition__________goods are produced.

Answer 1

Answer:

Ans 1. the intersection of market demand and market supply

Ans 2. monopoly

Ans 3.product differentiate leads to availability of close

Ans 4.

Ans 5. a type of imperfect competition such that one or two producers sell products that are differentiated from one another as goods but not perfect substitutes

Ans 6. under both the form of market

Ans 7. buyers monopsony

Ans 8. has many firms offering products that are similar but not identical

Answer 2

1. increase in supply
2. positive
3. more
4. less
5. right
6. elastic
7. market
8. rising

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