(English Medium) ICSE Class 10 - CISCE Question Bank Solutions

A market where homogeneous products are sold with no control over price by an individual firm or a buyer is ______.

Define perfect competition.

What is meant by pure competition?

Mention two features of monopoly.

Producers in a monopoly are price makers. Briefly explain.

There are no substitute goods in a monopoly market. Give a reason to support your answer.

Define monopolistic competition.

Define oligopoly.

Give an example of oligopoly. 

Define product differentiation.

To which market is product differentiation relevant?

What are selling costs?

State the advantage of monopolistic competition over monopoly. 

Why is there no need for selling cost under perfect competition?

In which form of market is the seller a price taker? Justify your answer. 

Identify the market form of the following:

The Government of India is the sole buyer of fighter aircrafts.

Identify the market form of the following:

Goods sold are homogeneous.

Identify the market form of the following:

Motor car market in India.

Identify the market form of the following:

Market for toilet soaps in India.

Identify the market form for the following:

Railways in India.