Poverty 2 Video Lecture | Indian Economy for Government Exams (Hindi) - Bank Exams
FAQs on Poverty 2 Video Lecture - Indian Economy for Government Exams (Hindi) - Bank Exams
| 1. What are the basic concepts of microeconomics important for competitive exams like UPSC and SSC? |  |
Ans. The basic concepts of microeconomics important for competitive exams include demand and supply, elasticity, consumer behavior, production and costs, market structures, and market failures. Understanding these concepts helps in analyzing the behavior of individuals and firms in making economic decisions.
| 2. How does the law of demand function in microeconomics? | |
Ans. The law of demand states that, all else being equal, as the price of a good or service decreases, the quantity demanded increases, and vice versa. This inverse relationship is graphically represented by the demand curve, which slopes downwards from left to right.
| 3. What is elasticity of demand and why is it significant? | |
Ans. Elasticity of demand measures the responsiveness of quantity demanded to a change in price. It is significant because it helps businesses and policymakers understand how changes in pricing might affect total revenue and consumer purchasing behavior. Types include price elasticity, income elasticity, and cross-price elasticity.
| 4. Can you explain the concept of perfect competition in microeconomics? | |
Ans. Perfect competition is a market structure characterized by a large number of small firms, homogenous products, free entry and exit from the market, and perfect information among consumers and producers. In this scenario, no single firm can influence the market price, and they are price takers.
| 5. What are the implications of market failure in microeconomics? | |
Ans. Market failure occurs when the allocation of goods and services is not efficient, often due to reasons such as externalities, public goods, and information asymmetries. The implications include the need for government intervention to correct inefficiencies, promote equity, or provide public goods that the market fails to supply.
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Dec 21, 2024 Last updated |
Video Description: Poverty 2 for Bank Exams 2024 is part of Indian Economy for Government Exams (Hindi) preparation.
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