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Chapters
1: Elementary Theory of Demand
2: Elasticity of Demand
3: Theory of Supply
Unit II - Factors of Production : Basic Concepts
4: Factors of Production
Unit III - Alternative Market Structures : Basic Concepts
▶ 5: Nature and Structure of Markets
Unit IV - The State and Economic Development
6: The State and Economic Development
Unit V - Money and Banking : Basic Concepts
7: Meaning and Functions of Money
8: Commercial Banks
9: Central Banks
10: Inflation
![Goyal Brothers Prakashan solutions for इकॉनॉमिक अॅप्लिकेशन्स [इंग्रजी] इयत्ता १० आयसीएसई chapter 5 - Nature and Structure of Markets - Shaalaa.com](/images/economic-applications-english-class-10-icse_6:4e056063b64247cab65a92e42cef2973.jpg "Goyal Brothers Prakashan solutions for इकॉनॉमिक अॅप्लिकेशन्स [इंग्रजी] इयत्ता १० आयसीएसई chapter 5 - Nature and Structure of Markets")
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Solutions for Chapter 5: Nature and Structure of Markets
Below listed, you can find solutions for Chapter 5 of CISCE Goyal Brothers Prakashan for इकॉनॉमिक अॅप्लिकेशन्स [इंग्रजी] इयत्ता १० आयसीएसई.
Goyal Brothers Prakashan solutions for इकॉनॉमिक अॅप्लिकेशन्स [इंग्रजी] इयत्ता १० आयसीएसई 5 Nature and Structure of Markets QUESTIONS [Pages 146 - 153]
Multiple Choice Questions
Following is the feature of perfect competition:
Product differentiation
Homogeneous product
Barriers to entry
Less elastic
Following is not the feature of perfect competition:
Very large number of buyers and sellers
Homogeneous product
Free entry or exit of firms
Selling costs
'Homogeneous products' is a characteristic of ______.
Perfect competition only
Pure oligopoly only
Both Perfect competition only and Pure oligopoly only
None of the above
Differentiated products is a characteristic of ______.
Monopolistic competition only
Imperfect oligopoly only
Both monopolistic competition and imperfect oligopoly only
Monopoly
'A few big sellers' is a characteristic of ______.
Perfect competition
Monopolistic Competition
Oligopoly
All the above
Marginal revenue of a firm is constant throughout under:
Perfect Competition
Monopolistic Competition
Oligopoly
All the above
A seller cannot influence the market price under:
Perfect competition
Monopoly
Monopolistic competition
All the above
In monopolistic competition, there are ______.
Few firms selling differentiated products.
Large number of firms selling differentiated products.
Large number of firms selling homogeneous products.
Few firms selling a homogeneous products.
Identify the feature of monopoly market from the following:
A single seller
A single buyer
Homogeneous goods
Product differentiation
Indian Railways is an example of ______.
Monopolistic competition
Perfect competition
Monopoly
Oligopoly
A monopolist is price maker:
True
False
Match the following and select the correct option:
| Column I | Column II | ||
| (i) | Perfect competition | (A) | Differentiated Products |
| (ii) | Monopoly | (B) | Few large firms |
| (iii) | Monopolistic Competition | (C) | Single seller |
| (iv) | Oligopoly | (D) | Homogeneous products |
(i) C, (ii) D, (iii) A, (iv) B
(i) D, (ii) C, (iii) B, (iv) A
(i) D, (ii) C, (iii) A, (iv) B
(i) C, (ii) D, (iii) B, (iv) A
Indian Oil Corporation Limited is an example of a/an ______.
Competitive firm
Monopoly firm
Monopolistically competitive firm
Oligopolistic firm
There is no difference between perfect competition and pure competition.
True
False
Match the following and select the correct option.
| Column I | Column II | ||
| (i) | Perfectly elastic demand | (A) | Oligopoly |
| (ii) | Less elastic demand | (B) | Monopolistic competition |
| (iii) | More elastic demand | (C) | Perfect competition |
| (iv) | Indeterminate demand | (D) | Monopoly |
(i) C, (ii) D, (iii) B, (iv) A
(i) C, (ii) A, (iii) D, (iv) B
(i) D, (ii) C, (iii) B, (iv) A
(i) B, (ii) D, (iii) A, (iv) C
"The price of a product under perfect competition is determined by an individual seller."
True
False
A market where homogeneous products are sold with no control over price by an individual firm or a buyer is ______.
Monopolistically competitive market
Perfectly competitive market
Monopoly
Monopsony
Oligopoly
Observe the relationship of the first pair of words and complete the second pair.
Single seller in the market : Monopoly
Single buyer in the market : ______
Duopoly
Monopolistic
Monopsony
None of these
The seller in a monopoly market is a price maker.
True
False
Which of these feature's is found in both a perfectly competitive market and a monopolistically competitive market?
No restriction on entry and exit
Imperfect knowledge
Homogeneous goods
Presence of selling costs
Which among the following is a feature of monopsony market?
Price discrimination
Single buyer
Single seller
Price taker
Pick the option which does not belong to the group.
Railways
Shampoos
Televisions
Biscuits
Which of the following statements are true?
- Monopolistically competitive markets have high selling costs.
- Monopolistically competitive markets sell homogeneous goods.
- Any firm can start a business in a monopolistically competitive market.
only (i)
Only (i) and (ii)
Only (i) and (iii)
All of these
The monopolist's downward sloping demand curve means that it can increase sales only by changing a lower price.
True
False
Read the given statements carefully and select the correct option.
- The number of sellers under oligopoly are small.
- In monopolistically competitive markets, buyers and sellers have perfect knowledge about the market conditions.
Both A and B are true
Both A and B are false
A is true, B is false
A is false, B is true
Imperfect knowledge is a characteristic feature of:
Perfect competition and monopoly
Monopsony and perfect competition
Monopoly and monopolistic competition
Monopolistic competition and perfect competition
Which of the following market types has the fewest number of firms?
Perfect Competition
Monopoly
Monopolistic competition
Monopsony
Identify the market form for seller A on the basis of the following information:
| Units of output sold | Price offered by seller A in ₹ |
| 30 | 10 |
| 40 | 10 |
| 50 | 10 |
Monopoly
Monopolistically competitive market
Perfect competition market
Monopsony
Which one of the following is NOT found in a perfectly competition market?
Perfectly knowledge about the prevailing prices.
A large number of buyers and sellers.
Free entry into or exit from the industry.
Advertising by individual firms.
Products sold by each firm in a perfectly competitive market are perfect substitutes of each other.
True
False
The market structure which is characterised by a single producer of a commodity and when there are not close substitutes for that commodity:
Monopoly market
Perfectly competitive market
Monopolistically competitive market
Monopsony market
Which market supplies homogeneous products?
Monopoly market
Monopsony market
Oligopoly market
Perfectly competitive market
Monopsony is a market where the ______.
seller is a price maker
buyer is a price maker
buyer is a price taker
none of the above
A holiday resort in a remote village is very popular among the tourists. Since the connectivity is very poor with the outer world, the owner employs the local villagers for the functioning of the resort.
This is a case of:
Perfect competition
Monopoly
Monospony
Monopolistic competition
Which of the following is the least competitive market?
Farming
Indian Railways
Air India
Mcdonald's
On the basis of above characteristics, identify the market form?
Perfect competition
Monopolistic competition
Monopoly
Oligopoly
Identify the market having a single buyer and many sellers from the following:
Monopoly
Monopsony
Perfect competition
Monopolistic competition
Which two forms of market earn normal profit in the long run?
Perfect competition and monopoly
Perfect competition and monopsony
Monopoly and monopolistic competition
Perfect competition and monopolistic competition
When products are differentiated on the basis of advertisements, brand names etc., it is called as ______.
Real differentiation
Price differentiation
Artificial differentiation
Quality differentiation
Non-price competition is ______.
Reducing prices
Competition based on prices
Spending money on advertisement, packaging, branding
Sale of unused stock
Selling costs are absent in perfect competition market.
True
False
Firm A hires the services of Rohit Sharma to act as the Brand ambassador for its products X. Identify the nature of market for commodity X.
Monopsony market
Monopoly market
Monopolistic competition
Perfect competition
Selling costs are absent in a monopoly market because:
there are many sellers.
all goods are close substitutes.
all goods are differentiated.
there is only one seller.
Identify from the given options, the market which has a large number of buyers and sellers, selling homogeneous goods:
Monopsony
Monopoly
Perfect Competition
Monopolistic Competition
Assertion-Reasoning & Matching Based Questions
Match the following:
| Column I | Column II | ||
| A. | Monopoly | (i) | Availability of close substitutes |
| B. | Oligopoly | (ii) | Absence of close substitutes |
| C. | Perfect competition | (iii) | Few large sellers |
| D. | Monopolistic competition | (iv) | Homogeneous products |
A. (iv), B. (ii), C. (iii), D. (i)
A. (iii), B. (i), C. (ii), D. (iv)
A. (ii), B. (iii), C. (iv), D. (i)
A. (i), B. (ii), C. (iii), D. (iv)
Match the following:
| Column I | Column II | ||
| A. | Demand curve under perfect competition | (i) | Indeterminate demand curve |
| B. | Demand curve under monopoly | (ii) | Downward sloping but less elastic |
| C. | Demand curve under monopolistic competition | (iii) | Horizontal straight line |
| D. | Demand curve under oligopoly | (iv) | Elastic demand curve |
A. (iii), B. (ii), C. (iv), D. (i)
A. (ii), B. (iii), C. (i), D. (iv)
A. (iii), B. (i), C. (ii), D. (iv)
A. (iv), B. (ii), C. (i), D. (iii)
Read the following statements carefully and choose the correct alternative:
Assertion (A): Price discrimination is possible under monopoly.
Reason (R): A monopolist can charge different prices in different markets because different sets of consumers - rich and poor - have different price elasticity of demand for the monopolist's product.
Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A).
Both Assertion (A) and Reason (R) are true and Reason (R) is not the correct explanation of Assertion (A).
Assertion (A) is true but Reason (R) is false.
Assertion (A) is false but Reason (R) is true.
Read the following statements carefully and choose the correct alternative:
Assertion (A): Buyers are ready to pay different prices for the product produced by different firms under perfect competition.
Reason (R): The products offered for sale in the perfect market are homogeneous.
Both Asse1iion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A).
Both Assertion (A) and Reason (R) are true and Reason (R) is not the correct explanation of Assertion (A).
Assertion (A) is true but Reason (R) is false.
Assertion (A) is false but Reason (R) is true.
Read the following statements carefully and choose the correct alternative:
Assertion (A): Under Perfect Competition, each firm faces a perfectly elastic demand curve.
Reason (R): Firm is a price maker under perfect competition.
Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A).
Both Assertion (A) and Reason (R) are true and Reason (R) is not the correct explanation of Assertion (A).
Assertion (A) is true but Reason (R) is false.
Assertion (A) is false but Reason (R) is true.
Match the following:
| 1. | Prices offered by the fashion industry depend on the services provided for their uniqueness. | P. | Perfectly Competitive Market |
| 2. | Central Government is the sole buyer of defense equipment. | Q. | Monopoly Market |
| 3. | Concession in Railway Tickets for senior citizens as compared to normal passengers. | R. | Monopolistically Competitive Market |
| 4. | The sellers have to quote the market price which usually remains uniform. | S. | Monopsony Market |
1 - S, 2 - Q, 3 - P, 4 - R
1 - Q, 2 - R, 3 - S, 4 - P
1 - R, 2 - P, 3 - Q, 4 - S
1 - R, 2 - S, 3 - Q, 4 - P
Short Answer Type Questions
Define the term market.
What is meant by 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.
Mention one feature of a monopoly market.
Explain any four features of perfect competition.
Define monopolistic competition.
Explain the following term/concept in detail.
Oligopoly
Give an example of oligopoly.
Explain the following term/concept in detail.
Monopsony
Give an example of monopsony.
Give two characteristics of perfect competition.
State two important characteristics of monopoly.
Discuss any two features of a monopolistically competitive market.
Explain the following concept.
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?
Highlight the importance of selling costs in a monopolistically compatible market.
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.
Identify the market form for the following:
Textile industry in India.
Identify the market form for the following:
Perfectly elastic demand.
Identify the market form for the following:
Telecom industry in India.
State the market form of the following commodity.
Railways
State the market form of the following commodity.
Automobiles
State the market form of the following commodity.
Shampoos
State the market form of the following commodity.
Fighter Aircrafts
Identify the market form for the item given below:
A single seller
Identify the market form for the item given below:
Homogeneous goods
Identify the market form for the item given below:
Product differentiation
Identify the market form for the item given below:
A single buyer
Highlight the importance of selling costs in a monopolistically compatible market.
State the similarities between monopolistic competition and monopoly.
In which form of market do producers and consumers have perfect knowledge about the market conditions?
Name the market in which there is a single buyer and many sellers. Give an example.
Define monopoly.
Give an example of monopoly.
State two dissimilarities between Monopolistic competition and Perfect competition.
Explain the following concept:
Price discrimination
Give an example of price discrimination.
In which type of market price discrimination is practiced? Explain with an example.
|
‘The Indian Railways said that there is no proposal yet to restore concessions offered to certain categories of people in ticket fares after the facility was stopped due to Coronavirus Pandemic.’ – Economic Times, August 06, 2021 |
- The Indian Railways is an example of which form of market?
- State the feature of market highlighted in the above extract.
Long Answer Type Questions
Define a perfect market.
Explain any four features of perfect competition.
“Under which type of a market are producers price takers?” Explain its three characteristics.
What is meant by Perfect competition?
Explain any four features of perfect competition.
Define monopoly.
Explain the main characteristics of a monopoly.
Define perfect competition.
Give three points of difference between perfect competition and monopoly.
What is meant by a monopoly market?
Discuss any four differences between monopoly and monopolistic competition.
What is monopolistic competition?
Discuss any two features of a monopolistically competitive market.
Which type of market structure is the following? Give reason.
Trucks
Which type of market structure is the following? Give reason.
Scooters
Identify the market form of the following:
Market for toilet soaps in India.
Identify the market form for the following:
Railways in India.
Which type of market structure is the following? Give reason.
Mobile phone services
Which type of market structure is the following? Give reason.
Jeans
Which type of market structure is the following? Give reason.
Lipstick
Which type of market structure is the following? Give reason.
Soft drinks
Which type of market structure is the following? Give reason.
Ball-pen
Which type of market structure is the following? Give reason.
TV.
Product differentiation is practised in monopolistic competition? Give reasons.
Monopolistic competition is the perfect blending of monopoly and perfect competition. Explain.
Explain two similarities between a Perfect market and an Imperfect market.
State two dissimilarities between Monopolistic competition and Perfect competition.
With the help of an example explain the meaning of price discrimination.
To which market is price discrimination relevant?
Explain any two similarities between a perfect market and a monopolistically competitive market.
Define monopolistic competition.
Give two examples of a monopolistically competitive market.
Discuss any two features of a monopolistically competitive market.
Explain any two similarities between a perfect market and a monopolistically competitive market.
State two dissimilarities between Monopolistic competition and Perfect competition.
Why can a monopolist charge different prices in different markets?
Mention two features of monopoly.
The image above shows a departmental store of a market structure.
- Identify the form of market as observed from the above image.
- Discuss the features of this market form with respect to:
- Type of product
- Entry and exit of firm
- Selling cost
The image above shows a departmental store of a market structure.
- State the concept depicted in the image above. Define the market to which it belongs.
- Explain briefly the concept identified by you in (a) above
- Identify and explain the form of market as observed from the above image.
- State any three differences between the above concept and a monopolistically competitive market.
Goyal Brothers Prakashan solutions for इकॉनॉमिक अॅप्लिकेशन्स [इंग्रजी] इयत्ता १० आयसीएसई 5 Nature and Structure of Markets QUESTION BANK [Pages 154 - 157]
Define the term market.
Define perfect competition.
What is meant by pure competition?
Define monopoly.
Give an example of monopoly.
What is monopolistic competition?
Give two examples of a monopolistically competitive market.
Define monopsony.
Give an example of monopsony.
What do you mean by homogeneous products?
To which market form are homogeneous products relevant?
Define product differentiation.
To which market is product differentiation relevant?
What is meant by the term ‘price taker’?
In which form of market is the seller a price taker? Justify your answer.
Which market form has the least number of producers?
What induces new firms to enter an industry?
What is meant by barriers to entry?
What is the effect on price when a perfectly competitive firm tries to sell more?
What is the effect on price when a monopoly firm tries to sell more?
Define oligopoly.
Give an example of oligopoly.
What is the difference between perfect and imperfect oligopoly?
What is the difference between collusive and non-collusive oligopoly?
Explain any two similarities between a perfect market and a monopolistically competitive market.
State the similarities between monopolistic competition and monopoly.
Producers in a monopoly are price makers. Briefly explain.
Explain the following concept:
Price discrimination
To which market is price discrimination relevant?
Why is there no need for selling cost under perfect competition?
Name the market which has characteristics both of monopoly and perfect competition.
What are selling costs?
Highlight the importance of selling costs in a monopolistically compatible market.
Give two characteristics of perfect competition.
State two important characteristics of monopoly.
Discuss any two features of a monopolistically competitive market.
State the advantage of monopolistic competition over monopoly.
What does perfectly elastic demand curve faced by a competitive firm indicate?
Explain any four features of perfect competition.
Explain the main characteristics of a monopoly.
Discuss any two features of a monopolistically competitive market.
Explain two similarities between a Perfect market and an Imperfect market.
State two dissimilarities between Monopolistic competition and Perfect competition.
Give three points of difference between perfect competition and monopoly.
Discuss any four differences between monopoly and monopolistic competition.
State two dissimilarities between Monopolistic competition and Perfect competition.
Define oligopoly.
In what respects does oligopoly differ from monopoly?
Identify the market form from the following.
Firm is a price maker.
Identify the market form for the item given below:
Product differentiation
Identify the market form from the following.
Price discrimination
Identify the market form from the following.
Perfect knowledge
Identify the market form from the following:
A few large sellers
Elaborate the price discrimination feature of monopoly.
Differentiate between monopoly and monopsony.
What is the difference between perfect competition and oligopoly?
Solutions for 5: Nature and Structure of Markets
Goyal Brothers Prakashan solutions for इकॉनॉमिक अॅप्लिकेशन्स [इंग्रजी] इयत्ता १० आयसीएसई chapter 5 - Nature and Structure of Markets
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Concepts covered in इकॉनॉमिक अॅप्लिकेशन्स [इंग्रजी] इयत्ता १० आयसीएसई chapter 5 Nature and Structure of Markets are Concept of Market, Characteristics of Market, Alternative Market Structures, Factors Determining Forms of Market, Market Structure, Factors Determining Market / Extent of Market, Classification of Market Structure, Similarities Between Monopolistic Competition and Perfect Competition, Similarities Between Monopolistic Competition and Monopoly.
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