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Chapters
Chapter 1: Microeconomics and Macroeconomics: Introduction
2: Demand and Law of Demand
3: Theory of Consumer Behaviour: Marginal Utility and Indifference Curve Analysis
4: Elasticity of Demand
5: Supply - Law of Supply and Price Elasticity of Supply
6: Market Mechanism: Equilibrium Price and Quantity in a Competitive Market
7: Laws of Returns - Returns to a Factor and Returns to Scale
8: Cost and Revenue Analysis
▶ 9: Forms of Market
10: Producer's Equilibrium
11: Determination of Equilibrium Price and Output Under Perfect Competition
SECTION 2: THEORY OF INCOME AND EMPLOYMENT
12: Theory of Income and Employment
SECTION 3: MONEY AND BANKING
13: Money: Meaning and Functions
14: Banks: Commercial Bank and Central Bank
SECTION 4: BALANCE OF PAYMENTS AND EXCHANGE RATE
15: Balance of Payments and Exchange Rate
SECTION 5: PUBLIC FINANCE
16: Fiscal Policy
17: Government Budget
SECTION 6: NATIONAL INCOME
18: National Income and Circular Flow of Income
19: National Income Aggregates
20: Methods of Measuring National Income
SECTION 7: PROJECT WORK
21: Project Work
22: Model Short Answer Questions
![Frank solutions for Economics [English] Class 12 ISC chapter 9 - Forms of Market - Shaalaa.com](/images/economics-english-class-12-isc_6:557367fb4d974c67badae9e1dbdc022d.jpg "Frank solutions for Economics [English] Class 12 ISC chapter 9 - Forms of Market")
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Solutions for Chapter 9: Forms of Market
Below listed, you can find solutions for Chapter 9 of CISCE Frank for Economics [English] Class 12 ISC.
Frank solutions for Economics [English] Class 12 ISC 9 Forms of Market TEST YOURSELF QUESTIONS [Pages 181 - 185]
Select the correct option for each of the following questions:
Which of the following is not a characteristic feature of a perfectly competitive market?
Very large number of sellers (firms)
Goods of the firms are perfect substitutes for one another
Perfect knowledge among buyers
Firms face downward-sloping demand curve
In which of the following market forms products of all the firms in the industry are homogeneous in nature?
Monopoly
Monopolistic competition
Perfect competition
None of these
In which of the following market forms, marginal revenue is equal to average revenue?
Perfect competition
Monopoly
Monopolistic competition
None of these
In which market form is the firm a price taker?
Money market
Monopoly
Perfect competition
Capital market
Monopolistic competition
None of these
Which of the following goods is sold in a perfect competitive market?
cars
electronic goods
textbooks
none of these
Electricity board in a city is an example of ______.
perfect competition
monopoly
monopolistic competition
none of these
Under which of the market forms can the firm charge different prices from different sets of consumers for reasons not associated with difference in the cost of supplying the product to different consumers?
Monopoly
Perfect competition
Oligopoly
Monopolistic competition
Which of the following market structure is the opposite extreme of perfect competition?
Monopolistic competition
Duopoly
Monopoly
None of these
Which of the following markets have the unique feature of product differentiation?
Monopoly
Monopolistic competition
Perfect competition
None of these
In which of the following market forms, selling cost is absent?
Perfect competition
Monopolistic competition
Monopoly and perfect competition
None of these
Monopolistic competition is a form of market in which there are large number of sellers of a product with each seller selling ______.
homogeneous product
differentiate products which are entirely different from each other
perfect substitutes
differentiated products which are close substitutes to the product of others
What is the relationship between AR and MR under perfect competition?
AR > MR
AR < MR
AR = MR
AR ≠ MR
In which of the market structure AR > MR?
perfect competition
monopoly only
both monopoly and monopolistic competition
monopolistic competition only
Under which of the market forms, demand curve is steeper (less elastic) than the monopolistic competition?
Monopoly
Perfect competition
Oligopoly
None of these
In which market form is the firm a price taker?
Money market
Monopoly
Perfect competition
Capital market
Monopolistic competition
None of these
In which of the market forms, an individual firm is price-maker (price seller)?
perfect competition
monopoly only
both monopoly and monopolistic competition
none of these
Very Short Answer Questions (2 marks each)
Define the term market.
Define market structure.
What do you mean by competitiveness of the market structure?
State four factors determining different market forms.
Define perfect competition.
Define monopoly.
What is monopolistic competition?
Give two examples of a monopolistically competitive market.
Define oligopoly.
What is meant by the term ‘price taker’?
What does price-maker mean?
Define homogeneous product.
Why is an individual firm under perfect competition called a price-taker?
What do you call a market in which both monopoly and competition exist?
Explain any four features of perfect competition.
Point out the essential features of pure competition.
Features of Monopolistic Competition.
Mention two features of monopoly.
Which features of monopolistic competition are monopolistic in nature?
Which features of monopolistic competition are competitive in nature?
Show that monopolistic competition is blending of monopoly and competition.
Identify the market that has a characteristic of perfect substitutes. Give one reason for your answer.
In which form of market is the seller a price taker? Justify your answer.
Under what market condition does Average Revenue always equal Marginal Revenue? Explain.
Explain the implication of ‘freedom of entry and exit to the firms’ under perfect competition.
What is the significance of ‘freedom of entry and exit of firms’ under monopolistic competition?
What is meant by price discrimination in a monopoly market?
Give two examples of price discrimination in a monopoly market.
Under what type of market selling costs play an important part?
Explain the following concept.
Product Differentiation
What is the selling cost?
Write a short note on persuasive advertising.
To which market form are homogeneous products relevant?
Identify the market form for the item given below:
Product differentiation
Why is a firm under monopolistic competition called a price-maker?
Distinguish between the following:
Perfect competition and Monopoly
Mention the similarities between perfect competition and monopolistic competition.
Distinguish Between Monopoly and Monopolistic competition.
Explain the following term/concept in detail.
Monopsony
State main feature of monopsony.
Differentiate between monopoly and monopsony.
Draw the demand curve of a firm for the following:
Perfect Competition
Draw the demand curve of a firm for the following:
Monopoly
Draw the demand curve of a firm under following situation:
Monopolistic competition
On the same diagram draw demand curve (AR curve) of a firm under perfect competition, monopoly and monopolistic competition.
Why is the demand curve facing a monopolistically competitive firm likely to be more elastic than the demand curve facing a monopolist?
What is the reason for an indeterminate demand curve under oligopoly?
Explain any four features of perfect competition.
Features of Monopolistic Competition.
State main feature of monopsony.
Mention two features of monopoly.
Short Answer Questions (3 marks each)
Define the term market.
State the basis on which different markets are defined.
What is meant by Perfect competition?
Is a firm under perfect competition a price taker or a price maker? Justify your answer.
How is a seller under perfect competition a price-taker? What is the relevance of the characteristic that ‘there are large number of sellers’ in this context?
Discuss how under perfect competition, a firm is a ‘price-taker’.
Discuss how under perfect competition, the industry is a ‘price-maker’.
Define monopoly.
Can a monopolist sell more of the commodity at a higher price? Explain.
Distinguish between the following:
Perfect competition and Monopoly
Distinguish between the following:
Perfect competition and Monopoly
Distinguish Between Monopoly and Monopolistic competition.
Define monopolistic competition.
Can a seller in monopolistic competition market influence price? Explain.
Why is an individual firm under perfect competition called a price-taker?
State with reason whether you agree or disagree with the following statement.
A seller is price maker in monopoly.
Why is a firm under monopolistic competition called a price-maker?
Differentiate between a perfectly competitive market and a monopolistically competitive market on the basis of the following:
- Nature of product
- Price influence
- Relationship between AR and MR
- Demand Curve
Identify the market form for the two sellers of goods A and B, given the following information. Give reasons for your answer.
| Output Sold (units) | Price of A (₹) | Price of B (₹) |
| 10 | 5 | 5 |
| 20 | 5 | 4 |
| 30 | 5 | 3 |
What is the selling cost?
Which kind of market does not need selling costs?
Explain the implication of nature of entry (free or closed) for the profits earned by a firm in the long-run.
Highlight any three differences between monopolistic competition and oligopoly.
Long Answer Questions (6 marks each)
Define perfect competition.
What are the features of perfect competition?
What are the features of perfect competition?
What are the features of perfect competition?
What type of demand curve does a firm have under the perfect competition?
Explain any four features of perfect competition.
Distinguish between the following:
Perfect competition and Pure competition
What is meant by a monopoly market?
Mention two features of monopoly.
Define monopolistic competition.
Features of Monopolistic Competition.
Distinguish between the following:
Perfect competition and Monopolistic competition
Discuss any four differences between monopoly and monopolistic competition.
Define oligopoly.
Explain the features of Oligopoly.
Explain the features of Oligopoly.
Distinguish between Oligopoly and Monopoly.
Define monopsony.
State main feature of monopsony.
What does demand curve of a firm show?
Draw and compare demand curves under perfect competition, monopoly and monopolistic competition.
Mention two features of monopoly.
Why is the demand curve under monopoly less elastic as compared to the demand curve under monopolistic competition?
Thinking Beyond...
In this chapter, we have discussed various types of market structure. However, there are other types of markets as well. What do you understand by the following type of market:
Duopoly
In this chapter, we have discussed various types of market structure. However, there are other types of markets as well. What do you understand by the following type of market:
Bilateral monopoly
Solutions for 9: Forms of Market
Frank solutions for Economics [English] Class 12 ISC chapter 9 - Forms of Market
Shaalaa.com has the CISCE Mathematics Economics [English] Class 12 ISC CISCE solutions in a manner that help students grasp basic concepts better and faster. The detailed, step-by-step solutions will help you understand the concepts better and clarify any confusion. Frank solutions for Mathematics Economics [English] Class 12 ISC CISCE 9 (Forms of Market) include all questions with answers and detailed explanations. This will clear students' doubts about questions and improve their application skills while preparing for board exams.
Further, we at Shaalaa.com provide such solutions so students can prepare for written exams. Frank textbook solutions can be a core help for self-study and provide excellent self-help guidance for students.
Concepts covered in Economics [English] Class 12 ISC chapter 9 Forms of Market are Concept of Market, Market Structure, Perfect Competition, Monopoly, Monopolistic Competition, Oligopoly, Demand Curves of Firms under Different Market Forms, Comparison between different forms of market, Concept of Monopsony, Classification of Market Structure, Duopoly, Bilateral Monopoly, Other Forms of Market, Factors Determining Market / Extent of Market.
Using Frank Economics [English] Class 12 ISC solutions Forms of Market exercise by students is an easy way to prepare for the exams, as they involve solutions arranged chapter-wise and also page-wise. The questions involved in Frank Solutions are essential questions that can be asked in the final exam. Maximum CISCE Economics [English] Class 12 ISC students prefer Frank Textbook Solutions to score more in exams.
Get the free view of Chapter 9, Forms of Market Economics [English] Class 12 ISC additional questions for Mathematics Economics [English] Class 12 ISC CISCE, and you can use Shaalaa.com to keep it handy for your exam preparation.
