Match the characteristics with their market structure a Differentiated products but close subst...........

General Studies (CHSL) Indian Economy

Download Solution PDF

Match the characteristics with their market structure:

(a) Differentiated products, but close substitutes for consumers so their demand curves are elastic

(b) Homogeneous product, all goods are perfect substitutes for consumers

(a) Monopolistic Competition, (b) Pure Competition

(a) Monopolistic Competition, (b) Pure Monopoly

(a) Pure Competition, (b) Monopolistic Competition

(a) Pure Monopoly, (b) Pure Competition

छोटे Courses बड़े Results

Master Indian Economy

Prepare through Micro-courses

Try Now

Explanation:

Monopolistic competition is much like pure competition in that there are many suppliers and the barriers to entry are low. However, the suppliers try to achieve some price advantages by differentiating their products from other similar products. pure competition is the best type of market, because it gives consumers the greatest consumer surplus and maximizes total surplus for the economy.