NCERT Solutions for Class 12 Micro Economics Non-Competitive Market

NCERT Solutions for Class 12 Micro Economics Non-Competitive Market

NCERT Solutions for Class 12 Micro Economics Non-Competitive Market is designed and prepared by the best teachers across India. All the important topics are covered in the exercises and each answer comes with a detailed explanation to help students understand concepts better. These NCERT solutions play a crucial role in your preparation for all exams conducted by the CBSE, including the JEE.

NCERT TEXTBOOK QUESTIONS SOLVED

1. Define monopoly. [CBSE 2005, 09]

Ans. 'Mono' means single and 'poly' means seller, i.e., single seller. 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.

2. Under which market form, firm is a price-maker?

Ans. Monopoly.

3. What are the shapes of AR and MR curves under monopoly?

Ans. Both AR and MR curves slope downward s.

4. How many firms are there in a monopoly market?

Ans. One firm.

5. What is a price-maker firm? [AI 2012]

Ans. A price maker firm is one to fix the price itself because of its monopoly power

6. What does Monopolistic Competition mean?

Ans. It refers to a market situation in which there are many firms which sell closely related but differentiated products.

7. Why is the demand curve under monopoly less elastic as compared to the demand curve under monopolistic competition?

Ans. Demand curve under monopoly is less elastic as compared to the demand curve under monopolistic competition due to absence of close substitutes in monopoly.

8. Define product differentiation.

Ans. Product differentiation refers to differentiating the products on the : basis of brand, size, colour, shape, etc.

9. In which form of market there is product differentiation? [CBSE 2005]

Ans. Monopolistic competition.

10. Give the meaning of 'Oligopoly'. [CBSE, Sample Paper 2010]

Ans. Oligopoly is a market situation in which an industry has only a few firms (or few large firms producing most of its output) mutually dependent for taking decisions about price and output.

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