Frequently Asked Questions - Forms of Market and Price Determination Commerce Notes | EduRev

Economics Class 11

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Commerce : Frequently Asked Questions - Forms of Market and Price Determination Commerce Notes | EduRev

The document Frequently Asked Questions - Forms of Market and Price Determination Commerce Notes | EduRev is a part of the Commerce Course Economics Class 11.
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FREQUENTLY ASKED QUESTIONS – CBSE BOARD EXAMINATION

One Mark Questions (1M)

  1. In which market form can a firm not influence the price of the product?
  2. What is equilibrium price?
  3. Under which market form a firm is a price taker?
  4. Define market equilibrium.
  5. Define Monopoly.
  6. State one feature of Oligopoly.                                                  

Three Marks Questions (3M) 

  1. Why is the number of firms small in an Oligopoly Market? Explain.
  2. Explain three features of Monopoly.
  3. How is equilibrium price of a commodity affected by a decrease in demand?
  4. Why is the demand curve more elastic under monopolistic competition than under monopoly? Explain.
  5. Explain the feature ‘differentiated product’ of a market with monopolistic competition.
  6. Explain the effect of   ‘large number of buyers and sellers’ in a perfectly competitive firm.

Four Marks Questions (4 M)

  1. Distinguish between Monopoly and Perfect Competition.
  2. Draw the Average Revenue Curve of a firm under a) Monopoly and b) Perfect Competition. Explain the difference in these curves, if any.
  3. Show with the help of a diagram the effects of an increase in demand for a commodity on its equilibrium price and quantity.
  4. Explain with the help of a diagram the determination of price of a commodity under perfect competition.
  5. Explain the concept of equilibrium price with the help of market demand and supply schedules.                                                                                                               

Six Marks Questions (6 M)

  1. Given the 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?
  2. Distinguish between perfect competition and monopoly. Why is the demand curve facing a firm under perfect competition perfectly elastic?
  3. Explain briefly the three feature of perfect competition.
  4. Explain the chain of effects on demand, supply and price of a commodity     caused by a leftward shift of the demand curve. Use diagram.
  5. Explain three feature of Monopolistic Competition

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