Forms of Market and Its Equilibrium -monopolistic competition Micro Economics Class 11 In English-CBSE Notes
Explore NCERT Solutions for Class 11 micro economics Chapter Forms of Market and Its Equilibrium Topic monopolistic competition with simple explanations and free ncert solution in English.
Forms of Market and Its Equilibrium -monopolistic competition Micro Economics Class 11 In English-CBSE Notes
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Forms of Market and Its Equilibrium -monopolistic competition Micro Economics Class 11 In English-CBSE Notes
Forms of Market and Its Equilibrium
monopolistic competition
Monopolistic compectition:
- It is a market situation which has large number of buyers and sellers selling differentiated goods.
- In this market every seller is a monoplist of his differentiated products
- Example - toothpaste, automobile industry, cosmetics industry, etc.
Features of Monopolistic compectition:
(a) large number of sellers - In this market although there are a large number of sellers still do not become price taker. Due to differentiated product they are free to choose the price of their product.
(b) product differentiation - This is the most important feature of monopolistic compectition.
- This is the act of producing differential goods i.e. close substitute goods which may differ in packing, colour, quality, etc. e.g. colgate, perpsodent,babool, etc.
- Types of product differentiation:
(i) Real - it arises due to change in raw material, colour packing, etc.
(ii) Imaginary - it arises due to imaginary differences in the form of brand, trade -marks, shape, size etc.
- Some important methods of product differentiation are: trade marks, brand names, size, packing , colour etc.
(c) selling expenses -
- Selling expenses are the outlays which are made to increase / create demand.
- Various froms of selling expenses are advertisement, show rooms, selling campaigns, offer discounts, incentives etc.
- Generally, average selling cost curve is " U "shaped but if the selling budget is given, it will be a rectangular hyperbola. (similar to afc curve).
(d) Concept of group - in a monopolistic competition,it is difficult to define a industry since the firm are selling differentiated goods. Hence they may be called as ''group '' of firms instead of industry.
(e) Average revenue curve -In this market, in order to increase the sales the seller should reduce the price (becouse of presence of close substitutes). hence the Ar curve, or the demand curve has a negative slope.
(f) Free entry and exit of firms -This market allwos free entry and exit of firms.
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Forms of Market and Its Equilibrium -monopolistic competition Micro Economics Class 11 In English-CBSE Notes
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CBSE Notes for Class 11 micro economics Chapter Forms of Market and Its Equilibrium – monopolistic competition
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