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Start learning 50% faster. Sign in nowPerfect Competition: Perfect competition is a market system characterized by many different buyers and sellers. With so many market players, it is impossible for any one participant to alter the prevailing price in the market. Monopoly: A monopoly is the exact opposite form of market system as perfect competition. In a pure monopoly, there is only one producer of a particular good or service, and generally no reasonable substitute. Oligopoly: An oligopoly is similar in many ways to a monopoly. The primary difference is that rather than having only one producer of a good or service, there are a handful of producers, or at least a handful of producers that make up a dominant majority of the production in the market system. Monopolistic Competition: Like a perfectly competitive market system, there are numerous competitors in the market. The difference is that each competitor is sufficiently differentiated from the others that some can charge greater prices than a perfectly competitive firm. Monopsony: Market systems are not only differentiated according to the number of suppliers in the market. They may also be differentiated according to the number of buyers.
Two taps, A and B, can fill a cistern with a capacity of 576 liters in 36 minutes. If their filling efficiencies are in the ratio 5:3, determine how man...
The ratio of two numbers is 5:4. A number y is then subtracted from each of the two given numbers so that the ratio of the resultant numbers becomes 2:1...
Difference between the ages of A and B is same as the difference between the ages of B and C. The difference between the ages of A and C is 8 years. If ...
In an orchard, the ratio of the number of mango and lichi trees is 4:5, respectively. Also, there are few apple trees in the orchard which is 50% more t...
Among 132 examinees of a certain school, the ratio of successful to unsuccessful students is 9 : 2, Had 4 more students passed, then the ratio of succes...
The ratio of A's income to savings is 25:9, and B's expenditure is 60% of A's total income. If B's expenditure exceeds its savings by Rs. 3500, and A's ...
Solution A contains 10% acid and solution B contains 30% acid. In what ratio should solution A be mixed with Solution B to obtain a mixture with 25% acid?
The incomes of A and B are in the ratio of 3:2 and their expenditures are Rs. 14,000 and Rs. 10,000 respectively. If A saves Rs. 7000, then B's savings ...
A girl spent 20% of her monthly income on clothing. Of the remaining, she spent on travel and food in the ratio of 3:2. If the difference of the income ...
