NCERT Solutions for Class 12 Micro Economics Perfect Competition

NCERT Solutions for Class 12 Micro Economics Perfect Competition

NCERT Solutions for Class 12 Micro Economics Perfect Competition 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 market for a good. [CBSE 2008]

Ans. Market refers to a region where buyers and sellers of a commodity come in contact with each other to effect the transactions of purchase and sale of the commodity.

2. What are the main forms of market?

Ans. (i) Perfect competition (ii) Imperfect competition.
Monopoly
Monopolistic competition
Oliopolgy.

3. Define perfect competition.

Ans. It refers to a market situation in which buyers and sellers operate freely and a commodity sells at a uniform price.

4. What do you mean by homogenous product?

Ans. Products sold in the market are homogeneous, i.e., they are identical in all respects like quality, colour, size, weight, design, etc.

5. In which market forms are average revenue and marginal revenue of a firm always equal? [CBSE, All India 2004]

Ans. Perfect competition

6. In which market form does a firm face a perfectly elastic demand curve?

Ans. Perfectly competitive market.

7. What induces new firms to enter an industry? [CBSE Sample Paper 2008]

Ans. Abnormal profits, i.e., above normal profits.

8. If the firms are earning abnormal profits how will the ‘number of firms in industry change?

Ans. The number of firms in the industry will increase.

9. In which market form are goods sold at a uniform price?

Ans. Perfect competition.

10. Why are selling costs not incurred in perfect competition?

Ans. Selling costs are not incurred in perfect competition as there exists perfect knowledge among the buyers and sellers.

11. What is meant by the term 'price - taker' in the context of a firm? [CBSE, 2008]

Ans. A firm is said to be a price-taker if it has to accept the price, as determined by the market forces of demand and supply.

12. Under which market form a firm is a price-taker? [CBSE 2004]

Ans. Perfect competition.

13. What is a price taker firm? [CBSE 2012]

Ans. A price taker firm is one which has no option but to accept the price as determined by the industry as in perfect competition.

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