NCERT Class 12 Microeconomics Chapter 6: Non-Competitive Markets | Economics CUET Economics

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Dr. Manishika Jain explains NCERT Class 12 Microeconomics Chapter 6: Non-Competitive Markets | Economics

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Monopoly
A market structure in which there is a single seller
A monopoly market structure requires that there is a single producer of a particular commodity; no other commodity works as a substitute for this commodity
In particular, we need (i) All the consumers are price takers; and (ii) that the markets of the inputs used in the production of this commodity are perfectly competitive both from the supply and demand side.

A perfectly competitive market has been defined as one where an individual firm is unable to influence the price at which the product is sold in the market. Since price remains the same for any level of output of the individual firm, such a firm is able to sell any quantity that it wishes to sell at the given market price. It, therefore, does not need to compete with other firms to obtain a market for its produce. This is clearly the opposite of the meaning of what is commonly
understood by competition or competitive behaviour.
Coke and Pepsi compete with each other in a variety of ways to achieve a higher level of sales or a greater share of the market. Conversely, we do not find individual farmers competing among themselves to sell a larger amount of crop. This is because both Coke and Pepsi possess the power to influence the market
price of soft drinks, while the individual farmer does not. Thus, competitive behaviour and competitive market structure are, in general, inversely related; the more competitive the market structure, less competitive is the behaviour of the firms

Monopoly problems
Substitutes will come – cannot exist
pure monopoly situation is never without competition. This is because the economy is never stationary – new technologies will come
Since monopoly firms earn large profits, they possess sufficient funds to take up research and development work, something which the small perfectly competitive firm is unable to do.
Monopolies make supernormal profits, they may benefit consumers by lowering costs

Chapters:
0:00 NCERT Class 12 Microeconomics Chapter 6: Non-Competitive Markets
0:15 Monopoly
1:14 Market Structure
9:20 Relation Between Price and Quantity
11:24 Total, Marginal and Average Revenue
18:25 Elasticity of Demand
22:55 Price Elasticity
26:20 Perfect Competition
26:54 Perfectly Competitive Market
27:20 Long Run Equilibrium of Monopoly Firm
32:30 Problems of Monopoly
35:36 Monopolies Development
37:35 Monopolistic Competition
46:02 Oligopoly
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