Forms of Market and Its Equilibrium -monopoly Micro Economics Class 11 In English-CBSE Notes
Explore NCERT Solutions for Class 11 micro economics Chapter Forms of Market and Its Equilibrium Topic monopoly with simple explanations and free ncert solution in English.
Forms of Market and Its Equilibrium -monopoly Micro Economics Class 11 In English-CBSE Notes
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Forms of Market and Its Equilibrium -monopoly Micro Economics Class 11 In English-CBSE Notes
Forms of Market and Its Equilibrium
monopoly
Monopoly:
- monopoly is made from two words:"mono" and "poly" where mono means single and poly means seller.
- monopoly is that market in which there is a single seller in the market producing such goods which have no close substitue.,
- In monopoly, firm and industry are same.
- Here, the firm or industry is the price maker.
- Example - railways.
- In order to increase sales monopolist must reduce the price of his product so as to induce:
1. existing buyer to buy more.
2. new buyer to enter the market.
features of Monopoly:
(a) single seller and large number of buyers - since there is a single seller in the market, therefore prices are controlled by the seller.no buyer can influence the price.
(b) No close substitutes -
pure monopoly: under this situation, there is no subatitute of the product.
simple monopoly: under this situation, the product has close substitutes but no perfect substitute.
(c) Restriction on entry of new firms -Due to certain legal,natural barriers no new firm is allowed to enter the industry.
(d) price discrimination - The act of charging different price from different buyers of the same good is called price discrimination.
- A monopoly performing price discrimination is called discriminating monopoly.
- Types of price discrimination:
(i) Discrimination of first degree: - When monopolist changes separate price for each unit.
(ii) Discrimination of second degree - When monopolist charges separate price of each batch or lot.
(iii) Discrimination of third degree - When monopolist charges different prices from different category of buyers.
- Reasons for price discrimination:
(i) consumer ignorance - Consumer lacks knowlege of cost of product therefore,seller can change different prices from different consumers.
(ii) Different markets - Monopolist charges different prices indifferent markets, prices in these markets may differ due to distance between one market and another.
(iii) charging different price for different customers - Monopoly may charge different prices from different consumer based on their elasticity of demand.
e.g.: A higher price from those having leaa elasticity and vice versa.
(e) Shape of AR curve - in monopoly, if a seller wants to increase the sale of his product then he must reduce the price. Due to this the AR and MR curve are downward sloping.
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Forms of Market and Its Equilibrium -monopoly 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 – monopoly
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