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Page 1 Section C General Economics Chapter 4 Unit 2 Under Perfect Competition and Monopoly Ms.Prem J. Bhutani Page 2 Section C General Economics Chapter 4 Unit 2 Under Perfect Competition and Monopoly Ms.Prem J. Bhutani Features of Perfect Competition Price Determination in Perfect Competition Features of Monopoly Price Determination under Monopoly Short-run and Long-run Equilibrium under • Perfect Competition and • Monopoly Price Discrimination Page 3 Section C General Economics Chapter 4 Unit 2 Under Perfect Competition and Monopoly Ms.Prem J. Bhutani Features of Perfect Competition Price Determination in Perfect Competition Features of Monopoly Price Determination under Monopoly Short-run and Long-run Equilibrium under • Perfect Competition and • Monopoly Price Discrimination Features of Perfect Competition Short-run and Long-run Equilibrium Page 4 Section C General Economics Chapter 4 Unit 2 Under Perfect Competition and Monopoly Ms.Prem J. Bhutani Features of Perfect Competition Price Determination in Perfect Competition Features of Monopoly Price Determination under Monopoly Short-run and Long-run Equilibrium under • Perfect Competition and • Monopoly Price Discrimination Features of Perfect Competition Short-run and Long-run Equilibrium Features • There are large number of buyers and sellers • They are price maker and not price taker • The commodity are homogeneous • The products are identical in nature • Free entry or exist Page 5 Section C General Economics Chapter 4 Unit 2 Under Perfect Competition and Monopoly Ms.Prem J. Bhutani Features of Perfect Competition Price Determination in Perfect Competition Features of Monopoly Price Determination under Monopoly Short-run and Long-run Equilibrium under • Perfect Competition and • Monopoly Price Discrimination Features of Perfect Competition Short-run and Long-run Equilibrium Features • There are large number of buyers and sellers • They are price maker and not price taker • The commodity are homogeneous • The products are identical in nature • Free entry or exist Features • There is a perfect knowledge about the product • Mobility in factors of production • The commodity or the goods are dealt on at a uniform priceRead More
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FAQs on PPT - Determination of Prices - Business Economics for CA Foundation
| 1. What factors determine the prices of goods and services? |  |
Ans. The prices of goods and services are determined by various factors, such as the cost of production, supply and demand dynamics, competition in the market, government regulations, and external factors like inflation and exchange rates. These factors interact to influence the pricing decisions of businesses and ultimately determine the prices that consumers pay for products.
| 2. How does the cost of production affect prices? | |
Ans. The cost of production plays a crucial role in determining prices. When the cost of raw materials, labor, energy, and other inputs increases, businesses may need to raise prices to maintain profitability. Conversely, if production costs decrease, businesses may choose to lower prices to gain a competitive edge or increase market share. The relationship between production costs and prices is a key consideration for businesses when setting their pricing strategies.
| 3. What role does supply and demand play in price determination? | |
Ans. Supply and demand dynamics have a significant impact on price determination. When the demand for a particular product or service exceeds its supply, prices tend to rise as businesses can charge more due to limited availability. Conversely, when supply exceeds demand, prices may decrease as businesses lower prices to stimulate demand and avoid excess inventory. The equilibrium between supply and demand helps establish market prices for goods and services.
| 4. How does competition affect pricing decisions? | |
Ans. Competition in the market can influence pricing decisions. In a competitive market, businesses may lower prices to attract customers or gain a larger market share. Alternatively, businesses with unique products or a strong brand may be able to charge higher prices. The intensity of competition, the number of competitors, and the level of product differentiation all impact pricing decisions and strategies.
| 5. Can external factors like inflation and exchange rates impact prices? | |
Ans. Yes, external factors like inflation and exchange rates can have an impact on prices. Inflation erodes the purchasing power of money, leading to higher prices over time. Businesses may adjust prices to account for inflation and maintain profitability. Exchange rate fluctuations can also influence prices, especially for imported goods and services. If the domestic currency weakens against foreign currencies, it may lead to higher prices for imported products.
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