ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -for which there are no close substitutes and barriers to long-run resource mobility, then the firm is : a. a monopolist.

Detailed explanation-2: -Perfect competition is a type of market where there are large number of buyers and sellers who deals in homogeneous product due to which no individual unit is able to influence the price of the product and the firms have to quote the price that prevails in the market because of the customer’s knowledge about the price.

Detailed explanation-3: -Perfect competition, refers to a type of market where there are many buyers and seller that feature free barriers to entry, dealing with homogeneous products with no differentiation, where the price is fixed by the market.

Detailed explanation-4: -An oligopoly is when a few companies exert significant control over a given market. Together, these companies may control prices by colluding with each other, ultimately providing uncompetitive prices in the market.

Detailed explanation-5: -Oligopoly. An oligopoly is dominated by a few firms, resulting in limited competition. They can collaborate with or compete against each other to use their collective market power to drive up prices and earn more profit.