Market and Price Determination (CBSE Class-12 Economics): Questions 13 - 22 of 40

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Question number: 13

» Market and Price Determination » Market Types

Appeared in Year: 2011

Short Answer Question▾

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When a firm is called ‘price-taker’?

Question number: 14

» Market and Price Determination » Perfect Competition

Appeared in Year: 2011

Short Answer Question▾

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Define flow variables.

Question number: 15

» Market and Price Determination » Oligopoly

Appeared in Year: 2011

Essay Question▾

Describe in Detail

Distinguish between collusive and non-collusive oligopoly. Explain how the oligopoly firms are interdependent in taking price and output decisions.

Explanation

Distinguish between collusive and non-collusive oligopoly

In detail distinguish between collusive and non-collusive oligopoly

Characteristics

Collusive ‘oligopoly

Non-collusive oligopoly

What collude in this?

This firm might decide to collude together and not to compete with each other.

This firm do not collude and instead compete with each other.

Definition

If… (49 more words) …

Question number: 16

» Market and Price Determination » Monopolistic Competition

Appeared in Year: 2010

Short Answer Question▾

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Name the characteristic which makes monopolistic competition different from perfect competition.

Question number: 17

» Market and Price Determination » Market Equilibrium

Appeared in Year: 2009

Essay Question▾

Describe in Detail

What changes will take place to bring an economy in equilibrium if

(a) Planned savings are greater than planned investment and

(b) Planned savings are less than planned investment.

Explanation

(a) Planned savings are greater than planned investment: -

Planned savings are greater than planned investment indicates that total consumption expenditure is less than purchased supply of goods and services.

High saving indicates low consumption which means required output is less than the planned output. Portion of the supply remains… (266 more words) …

Question number: 18

» Market and Price Determination » Market Types

Appeared in Year: 2012

Short Answer Question▾

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What is a price taker firm?

Question number: 19

» Market and Price Determination » Perfect Competition

Essay Question▾

Describe in Detail

Explain briefly the three features of perfect competition.

Explanation

1. Homogenous Product: In this case, all sellers produce homogeneous i. e. perfectly identical products. All products are perfectly same in terms of size, shape, taste, color, ingredients, quality, trademarks etc. This ensures the existence of single price in the market.

2. Perfect Knowledge: On the front of both, buyers… (163 more words) …

Question number: 20

» Market and Price Determination » Monopoly

Essay Question▾

Describe in Detail

Explain the features of monopoly market

Explanation

(1) Single seller: - The word monopoly actually translates as “one seller”. A monopolist is the single seller of the product whose substitutes are not available readily and hence it enjoys monopoly over the product and it’s pricing.

(2) Unique product: - A monopoly achieves single-seller status because the good… (73 more words) …

Question number: 21

» Market and Price Determination » Market Equilibrium

Short Answer Question▾

Write in Short

Define ‘Marginal Rate of Transformation’.

Question number: 22

» Market and Price Determination » Market Equilibrium

Essay Question▾

Describe in Detail

Given market equilibrium of a good, what are the effects of simultaneous increase in both demand and supply of that good on its equilibrium price and quantity?

Explanation

If increase in demand affects prices and quantities we assume that there is increase in income of working class.

Their demand for cloth This will raise the equilibrium price and quantity of cloth and the supply curve of cloth is unchanged in figure. We understand the increase in price and… (161 more words) …

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