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

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.

Ans. Monopoly.

Ans. Both AR and MR curves slope downward s.

Ans. One firm.

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

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

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.

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

Ans. Monopolistic competition.

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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