ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Non-price competition often occurs in oligopoly, where few firms dominate the market. Due to the little or few firms in the market, these firms tend to compete in non-price measures to distinguish themselves.

Detailed explanation-2: -Non-price competition typically occurs within an oligopoly, a market structure in which only a few companies control the majority of the market power, or a monopoly.

Detailed explanation-3: -A pure monopolist is a hypothetical market structure in which a firm faces no competition and is able to earn a significant economic profit. If other firms could enter the market, then they would do so, attracted by the profit opportunity.

Detailed explanation-4: -Non-price competition can include quality of the product, unique selling point, superior location and after-sales service.

Detailed explanation-5: -Economic market structures can be grouped into four categories: perfect competition, monopolistic competition, oligopoly, and monopoly. The categories differ because of the following characteristics: The number of producers is many in perfect and monopolistic competition, few in oligopoly, and one in monopoly.