why is the demand curve under monopolistic competition becomes more elastic as compared to that of perfect competition
Answers
Firstly correct your ques....
As demand curve in monopolistic is more elastic in compare to monopoly market ( not perfect hence perfect competition is perfectly elastic )...
So answer is....
Monopolistic demand curve is more elastic because in this market consumers have the close subsitute of the products and they suddenly changed their demand in response to price...
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How are means of transport and communication complementary to each other? Explain with three examples. (2013 OD)
Answer:
Transport and communication establish links between producing centres and consuming centres. Trade or the exchange of such commodities relies on transportation and communication. Transport provides the network of links and carriers through which trade takes place.
Dense network of roads, railways and airways connect the remote areas of the country hence help in production and distribution of goods and services.
Advancement in communication system has accelerated trade by carrying information all over the world quickly.
Good transport helps in quick carrying of raw material from remote areas to the production centre and allows distribution of goods efficiently.
With expansion of rail, ocean and air transport, better means of refrigeration and preservation, trade has experienced spatial expansion.