Identify and explain the concept from given illustrations.Output sold

1.	Identify and explain the concept from given illustrations.Output sold in unitsPrice of ‘X’ in ₹Price of ‘Y‘ in ₹100505020050403005030Identify the type of market of two goods X’ and ‘Y’ Give reason for your answer.
Answer» Concept : Market for good ‘X’ is perfect competition. Explanation : At the same price ? 50 sellers are ready to sell more and more in the market. Concept : Market for good ‘Y’ is monopolistic competition. Explanation : As price of ‘Y’ falls, more and more sellers enter the market to sell their product.

Identify and explain the concept from given illustrations.Output sold in unitsPrice of ‘X’ in ₹Price of ‘Y‘ in ₹100505020050403005030Identify the type of market of two goods X’ and ‘Y’ Give reason for your answer.

Answer»

Concept : Market for good ‘X’ is perfect competition.

Explanation : At the same price ? 50 sellers are ready to sell more and more in the market.

Concept : Market for good ‘Y’ is monopolistic competition.

Explanation : As price of ‘Y’ falls, more and more sellers enter the market to sell their product.