Which of the following is a market structure where the Price is expected to be lower?

(a)

Perfect competition

(b)

Monopoly

(c)

Duopoly

(d)

Oligopoly

Which of the following is a feature of monopolistic competition?

(a)

One seller

(b)

Few sellers

(c)

Product differentiation

(d)

No entry

Another name of price is _________

(a)

Average Revenue

(b)

Marginal Revenue

(c)

Total Revenue

(d)

Average cost

Perfect competition assumes ____________

(a)

Luxury goods

(b)

Producer goods

(c)

Differentiated goods

(d)

Homogeneous goods

In monopolistic competition, the essential feature is ____________

(a)

Same product

(b)

Selling cost

(c)

Single seller

(d)

Single buyer

Define Market.

What is selling cost?

Define "Excess capacity".

Specify the nature of entry of competitors in perfect competition and monopoly.

Mention the similarities between perfect competition and monopolistic competition.

State the features of the duopoly.

Brint out the features of perfect competition.

Explain how price and output are determined under monopolistic competition with help of a diagram.