Chapter 6 - Forms Of Market And Price Determination Under Perfect Competition Economics Solutions for Class 12 Commerce Economics

Chapter 6 - Forms Of Market And Price Determination Under Perfect Competition

Economics Solutions for Class 12 Commerce Economics

Fill in the blanks with appropriate alternatives given in the brackets

Match the following

State whether the following statements are TRUE and FALSE.

1. There is no price discrimination under Monopolistic competition.

2. In a monopoly market, firm and industry are the same.

3. Product differentiation is not possible under perfect competition.

4. Under perfect competition, the price is determined by equilibrium of demand and supply.

Define or explain the following concepts:

1. Market

2. Price discrimination

3. Monopolistic Competition

4. Selling cost

5. Equilibrium price

Give reasons or explain:

1. Single price prevails in perfect competition.

2. Price discrimination is possible under monopoly.

3. Selling cost is incurred by a firm in Monopolistic competition.

4. A monopolist can control the supply of goods.

5. Sellers and the buyers are price takers in perfect competition.

Distinguish between the following:

1. Perfect competition and Pure competition

2. Perfect competition and Monopoly

3. Natural monopoly and Social monopoly

4. Natural monopoly and legal monopoly

5. Perfect competition and Monopolistic competition

Write short notes on the following:

1. Types of monopoly

2. Features of pure competition

Answer the following questions

What are the features of Perfect Competition?

What are the features of monopoly?

What are the features of monopolistic competition?

State with reason whether you agree or disagree with the following statements

Perfect Competition means Monopolistic Competition.

A seller is a price maker in monopoly.

Answer in details

What is Perfect Competition? Explain price determination under Perfect Competition.

What is a monopoly? Explain in detail the features of monopoly?

What is Monopolistic Competition? Explain in detail the features of Monopolistic Competition.