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

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

Give three points of difference between perfect competition and monopoly. 

Define monopolistic competition.

Define oligopoly.

Give an example of oligopoly. 

Define monopsony.

Give an example of monopsony.

Give two characteristics of perfect competition.

State two important characteristics of monopoly.

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?

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.