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Meaning and Types of Markets — Economics STD 10 — Question

ICSE BoardEnglish MediumSTD 10EconomicsMeaning and Types of Markets4 Marks
Question
Define monopoly. In what ways does it differ from monopolistic competition?
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Answer

Monopoly is a market situation where there is a single firm selling the commodity and there is no close substitute of the commodity sold by the monopolist.
Example: Indian Railways

Basis 

Monopoly 

Monopolistic competition 

1. No. of sellers 

There is only a single seller in the market

The number of sellers is large

2. Degree of competition 

There is no competition. 

There exists high degree of competition here. 

3. Entry of new firms 

Entry of new firms is restricted

There is no restrictions on the entry of new firms in the market

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