Commerce Exam > Commerce Notes > Economics Class 11 > Frequently Asked Questions - Forms of Market and Price Determination
Frequently Asked Questions - Forms of Market and Price Determination | Economics Class 11 - Commerce PDF Download
FREQUENTLY ASKED QUESTIONS – CBSE BOARD EXAMINATION
One Mark Questions (1M)
- In which market form can a firm not influence the price of the product?
- What is equilibrium price?
- Under which market form a firm is a price taker?
- Define market equilibrium.
- Define Monopoly.
- State one feature of Oligopoly.
Three Marks Questions (3M)
- Why is the number of firms small in an Oligopoly Market? Explain.
- Explain three features of Monopoly.
- How is equilibrium price of a commodity affected by a decrease in demand?
- Why is the demand curve more elastic under monopolistic competition than under monopoly? Explain.
- Explain the feature ‘differentiated product’ of a market with monopolistic competition.
- Explain the effect of ‘large number of buyers and sellers’ in a perfectly competitive firm.
Four Marks Questions (4 M)
- Distinguish between Monopoly and Perfect Competition.
- Draw the Average Revenue Curve of a firm under a) Monopoly and b) Perfect Competition. Explain the difference in these curves, if any.
- Show with the help of a diagram the effects of an increase in demand for a commodity on its equilibrium price and quantity.
- Explain with the help of a diagram the determination of price of a commodity under perfect competition.
- Explain the concept of equilibrium price with the help of market demand and supply schedules.
Six Marks Questions (6 M)
- 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?
- Distinguish between perfect competition and monopoly. Why is the demand curve facing a firm under perfect competition perfectly elastic?
- Explain briefly the three feature of perfect competition.
- Explain the chain of effects on demand, supply and price of a commodity caused by a leftward shift of the demand curve. Use diagram.
- Explain three feature of Monopolistic Competition
The document Frequently Asked Questions - Forms of Market and Price Determination | Economics Class 11 - Commerce is a part of the Commerce Course Economics Class 11.
All you need of Commerce at this link: Commerce
|
75 videos|269 docs|46 tests
|
FAQs on Frequently Asked Questions - Forms of Market and Price Determination - Economics Class 11 - Commerce
| 1. What are the different forms of market in commerce? |  |
Ans. The different forms of market in commerce include perfect competition, monopolistic competition, oligopoly, and monopoly. Perfect competition is characterized by a large number of buyers and sellers, homogeneous products, and ease of entry and exit. Monopolistic competition involves many sellers offering differentiated products. Oligopoly refers to a market dominated by a few large firms, while monopoly is a market with only one seller.
| 2. How is price determined in a perfect competition market? | |
Ans. In a perfect competition market, price is determined by the forces of demand and supply. The equilibrium price is reached where the quantity demanded by buyers is equal to the quantity supplied by sellers. If the market price is higher than the equilibrium price, there will be a surplus, leading to a decrease in price. Conversely, if the market price is lower than the equilibrium price, there will be a shortage, resulting in an increase in price.
| 3. What is the role of product differentiation in monopolistic competition? | |
Ans. Product differentiation plays a significant role in monopolistic competition. It refers to the process of making a product distinct from others in terms of quality, design, features, or branding. By differentiating their products, firms aim to create a perceived uniqueness and gain a competitive advantage. This allows them to have some control over the price, although they still face competition from other firms offering similar but not identical products.
| 4. How do firms behave in an oligopoly market? | |
Ans. In an oligopoly market, firms behave strategically and are interdependent. They closely monitor the actions and reactions of their competitors. Since there are only a few firms dominating the market, their decisions regarding pricing, production, and product differentiation can significantly impact the market dynamics. Firms in an oligopoly market often engage in non-price competition, such as advertising, product innovation, and strategic alliances, to gain a competitive edge.
| 5. What are the characteristics of a monopoly market? | |
Ans. A monopoly market is characterized by a single seller dominating the market. The monopolist has complete control over the supply of the product and faces no competition. This allows the monopolist to set prices at a level that maximizes their profits. Moreover, entry into the market is restricted, either due to legal barriers or high costs, preventing the entry of new firms. Monopoly markets often lack efficiency and consumer choice, leading to potential concerns for consumer welfare.
Related Exams
About this Document
|
1.6K Views |
|
4.93/5 Rating |
|
Nov 24, 2024 Last updated |
Document Description: Frequently Asked Questions - Forms of Market and Price Determination for Commerce 2024 is part of Economics Class 11 preparation.
The notes and questions for Frequently Asked Questions - Forms of Market and Price Determination have been prepared according to the Commerce exam syllabus. Information about Frequently Asked Questions - Forms of Market and Price Determination covers topics
like and Frequently Asked Questions - Forms of Market and Price Determination Example, for Commerce 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises and tests below for Frequently Asked Questions - Forms of Market and Price Determination.
Introduction of Frequently Asked Questions - Forms of Market and Price Determination in English is available as part of our Economics Class 11
for Commerce & Frequently Asked Questions - Forms of Market and Price Determination in Hindi for Economics Class 11 course.
Download more important topics related with notes, lectures and mock test series for Commerce
Exam by signing up for free. Commerce: Frequently Asked Questions - Forms of Market and Price Determination | Economics Class 11 - Commerce
Description
Full syllabus notes, lecture & questions for Frequently Asked Questions - Forms of Market and Price Determination | Economics Class 11 - Commerce - Commerce | Plus excerises question with solution to help you revise complete syllabus for Economics Class 11 | Best notes, free PDF download
Information about Frequently Asked Questions - Forms of Market and Price Determination
In this doc you can find the meaning of Frequently Asked Questions - Forms of Market and Price Determination defined & explained in the simplest way possible. Besides explaining types of
Frequently Asked Questions - Forms of Market and Price Determination theory, EduRev gives you an ample number of questions to practice Frequently Asked Questions - Forms of Market and Price Determination tests, examples and also practice Commerce
tests
|
Explore Courses for Commerce exam
|
|
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
Related Searches
ppt
,Frequently Asked Questions - Forms of Market and Price Determination | Economics Class 11 - Commerce
,MCQs
,practice quizzes
,Frequently Asked Questions - Forms of Market and Price Determination | Economics Class 11 - Commerce
,mock tests for examination
,Summary
,Viva Questions
,Important questions
,Extra Questions
,past year papers
,Free
,video lectures
,Objective type Questions
,shortcuts and tricks
,Semester Notes
,Frequently Asked Questions - Forms of Market and Price Determination | Economics Class 11 - Commerce
,study material
,Sample Paper
,Previous Year Questions with Solutions
,Exam
;
Additional Information about Frequently Asked Questions - Forms of Market and Price Determination for Commerce Preparation
Frequently Asked Questions - Forms of Market and Price Determination Free PDF Download
The Frequently Asked Questions - Forms of Market and Price Determination is an invaluable resource that delves deep into the core of the Commerce exam.
These study notes are curated by experts and cover all the essential topics and concepts, making your preparation more efficient and effective.
With the help of these notes, you can grasp complex subjects quickly, revise important points easily,
and reinforce your understanding of key concepts. The study notes are presented in a concise and easy-to-understand manner,
allowing you to optimize your learning process. Whether you're looking for best-recommended books, sample papers, study material,
or toppers' notes, this PDF has got you covered. Download the Frequently Asked Questions - Forms of Market and Price Determination now and kickstart your journey towards success in the Commerce exam.
Importance of Frequently Asked Questions - Forms of Market and Price Determination
The importance of Frequently Asked Questions - Forms of Market and Price Determination cannot be overstated, especially for Commerce aspirants.
This document holds the key to success in the Commerce exam.
It offers a detailed understanding of the concept, providing invaluable insights into the topic.
By knowing the concepts well in advance, students can plan their preparation effectively.
Utilize this indispensable guide for a well-rounded preparation and achieve your desired results.
Frequently Asked Questions - Forms of Market and Price Determination Notes
Frequently Asked Questions - Forms of Market and Price Determination Notes offer in-depth insights into the specific topic to help you master it with ease.
This comprehensive document covers all aspects related to Frequently Asked Questions - Forms of Market and Price Determination.
It includes detailed information about the exam syllabus, recommended books, and study materials for a well-rounded preparation.
Practice papers and question papers enable you to assess your progress effectively.
Additionally, the paper analysis provides valuable tips for tackling the exam strategically.
Access to Toppers' notes gives you an edge in understanding complex concepts.
Whether you're a beginner or aiming for advanced proficiency, Frequently Asked Questions - Forms of Market and Price Determination Notes on EduRev are your ultimate resource for success.
Frequently Asked Questions - Forms of Market and Price Determination Commerce
The "Frequently Asked Questions - Forms of Market and Price Determination Commerce Questions" guide is a valuable resource for all aspiring students preparing for the
Commerce exam. It focuses on providing a wide range of practice questions to help students gauge
their understanding of the exam topics. These questions cover the entire syllabus, ensuring comprehensive preparation.
The guide includes previous years' question papers for students to familiarize themselves with the exam's format and difficulty level.
Additionally, it offers subject-specific question banks, allowing students to focus on weak areas and improve their performance.
Study Frequently Asked Questions - Forms of Market and Price Determination on the App
Students of Commerce can study Frequently Asked Questions - Forms of Market and Price Determination alongwith tests & analysis from the EduRev app,
which will help them while preparing for their exam. Apart from the Frequently Asked Questions - Forms of Market and Price Determination,
students can also utilize the EduRev App for other study materials such as previous year question papers, syllabus, important questions, etc.
The EduRev App will make your learning easier as you can access it from anywhere you want.
The content of Frequently Asked Questions - Forms of Market and Price Determination is prepared as per the latest Commerce syllabus.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup