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High Order Thinking Skills - Forms of Market and Price Determination | Economics Class 11 - Commerce PDF Download
HOTS
Q. How much loss a firm can bear in the short run?
Ans:- A firm can bear losses up to its total fixed cost in the short run.
Q. The firms are earning abnormal profits. Will the number of firms in the industry change?
Ans:- If firms are getting abnormal profit new firms will enter the industry.
Q. If firms are making abnormal losses will the number of firms in the industry change?
Ans:- When firms are suffering losses, the number of firms in the industry will decrease as some firms may exit from the industry.
Q. Why is demand curve facing a monopolistic competition firm likely to be more elastic?
Ans:- In monopolistic competition market the demand curve of a firm is likely to be more elastic, the reason behind this is that all the firm in the industry produce close substitute of each other. If close substitute of any good is available in the market then elasticity of demand is very high because whenever there is a hike in price the consumer will shift to its substitutes. That is why a firm’s demand curve under monopolistic competition is more elastic.
Q. Explain how the efficiency may increase if two firms merge.
Ans:- i) When two firms merge then there combined efforts and efficiency brings more output to the firm. Increase in the sale of output and economies of scale can be availed. It leads to division of labour and can get advantage of the specialization. Use of better and advanced technology saves the cost of production.
The document High Order Thinking Skills - Forms of Market and Price Determination | Economics Class 11 - Commerce is a part of the Commerce Course Economics Class 11.
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FAQs on High Order Thinking Skills - Forms of Market and Price Determination - Economics Class 11 - Commerce
| 1. What are high order thinking skills in commerce? |  |
Ans. High order thinking skills in commerce refer to the cognitive abilities that involve critical thinking, analysis, evaluation, and problem-solving. These skills are essential for understanding complex business concepts and making informed decisions in the field of commerce.
| 2. What are the different forms of market determination in commerce? | |
Ans. In commerce, the different forms of market determination include perfect competition, monopolistic competition, oligopoly, and monopoly. Perfect competition involves a large number of buyers and sellers with identical products, while monopolistic competition involves multiple sellers offering differentiated products. Oligopoly refers to a market structure dominated by a few large firms, and monopoly occurs when a single firm controls the entire market.
| 3. How are prices determined in commerce? | |
Ans. Prices in commerce are determined through the interaction of supply and demand. When there is high demand and limited supply, prices tend to rise. Conversely, when there is low demand and excess supply, prices tend to fall. Factors such as production costs, competition, and market conditions also influence price determination in commerce.
| 4. What are some examples of high order thinking skills applied in commerce? | |
Ans. High order thinking skills applied in commerce include analyzing market trends, evaluating the financial performance of a company, critically assessing the viability of a business strategy, problem-solving to overcome operational challenges, and making strategic decisions based on complex data analysis.
| 5. How do high order thinking skills contribute to success in commerce? | |
Ans. High order thinking skills are crucial for success in commerce as they enable individuals to think critically, analyze business situations, make informed decisions, and solve complex problems. These skills help professionals navigate the dynamic and competitive business environment, identify opportunities, and develop effective strategies for growth and profitability.
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