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Micheal Vaz solutions for 12th Board Exam Economics chapter 6 - Forms of Market and Price Determination Under Perfect Competition

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Micheal Vaz Micheal Vaz Class 12 Economics

Micheal Vaz Class 12 Economics - Shaalaa.com

Chapter 6: Forms of Market and Price Determination Under Perfect Competition

Exercise

Chapter 6: Forms of Market and Price Determination Under Perfect Competition Exercise Exercise solutions [Page 52]

Exercise | Q 1.1 | Page 52

Fill in the blank with appropriate alternative given below

Under perfect competition commodities are ________________ in nature.

  • homogeneous

  • classified

  • heterogeneous

  • supplementary

Exercise | Q 1.2 | Page 52

Fill in the blank with appropriate alternative given below

_____________ appears in a monopoly market. 

  • product differentiation

  • price discrimination

  • individual differentiation

  • packing differentiation

Exercise | Q 1.3 | Page 52

Fill in the blank with appropriate alternative given below

The price at which demand and supply equate to each other is called _______ price.

  • general

  • equilibrium

  • short-run

  • reserve

Exercise | Q 1.4 | Page 52

Fill in the blank with appropriate alternative given below

In ________ market, seller creates products differentiation.

  • competition

  • perfect

  • pure

  • monopolistic competition

Exercise | Q 1.5 | Page 52

Fill in the blank with appropriate alternative given below

Monopolist means __________ competitive. 

  • single seller

  • several seller

  • single buyer

  • several buyer

Exercise | Q 2 | Page 52

Match the following:

Group A
Group B
Monopoly
Public monopoly
Product differentiation
Abnormal profit
Railway
Monopolistic Competition
Perfect Competition
Prof. Chamberlin
Pure Competition
Homogenous product
 
Cartel
 
Selling cost
Exercise | Q 3.1 | Page 52

State whether the following statement is TRUE and FALSE.

There is no price discrimination under Monopolistic competition.

  • True

  • False

Exercise | Q 3.2 | Page 52

State whether the following statement is TRUE and FALSE.

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

  • True

  • False

Exercise | Q 3.3 | Page 52

State whether the following statement is TRUE and FALSE.

Product differentiation is not possible under perfect competition.

  • True

  • False

Exercise | Q 3.4 | Page 52

State whether the following statement is TRUE and FALSE.

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

  • True

  • False

Chapter 6: Forms of Market and Price Determination Under Perfect Competition Exercise Exercise solutions [Page 52]

Exercise | Q 1.1 | Page 52

Define or explain the following concept:

Market

Exercise | Q 1.2 | Page 52

Define or explain the following concept:

 Price discrimination

Exercise | Q 1.3 | Page 52

Define or explain the following concept:

Monopolistic Competition

Exercise | Q 1.4 | Page 52

Define or explain the following concept:

Selling cost

Exercise | Q 1.5 | Page 52

Define or explain the following concept:

Equilibrium price

Exercise | Q 2.1 | Page 52

Give reason or explain:

Single price prevails in perfect competition.

Exercise | Q 2.2 | Page 52

Give reason or explain:

Price discrimination is possible under monopoly.

Exercise | Q 2.3 | Page 52

Give reason or explain:

Selling cost is incurred by a firm in Monopolistic competition.

Exercise | Q 2.4 | Page 52

Give reason or explain:

A monopolist can control the supply of goods.

Exercise | Q 2.5 | Page 52

Give reason or explain:

Sellers and the buyers are price takers in perfect competition.

Chapter 6: Forms of Market and Price Determination Under Perfect Competition Exercise Exercise solutions [Pages 52 - 53]

Exercise | Q 1.1 | Page 52

Distinguish between the following:

Perfect competition and Pure competition

Exercise | Q 1.2 | Page 52

Distinguish between the following:

Perfect competition and Monopoly

Exercise | Q 1.3 | Page 52

Distinguish between the following:

Natural monopoly and Social monopoly

Exercise | Q 1.4 | Page 52

Distinguish between the following:

Natural monopoly and legal monopoly

Exercise | Q 1.5 | Page 52

Distinguish between the following:

Perfect competition and Monopolistic competition

Exercise | Q 2.1 | Page 53

Write short note on the following:

 Types of monopoly

Exercise | Q 2.2 | Page 53

Write short note on the following:

Features of pure competition

Chapter 6: Forms of Market and Price Determination Under Perfect Competition Exercise Exercise solutions [Page 53]

Exercise | Q 1 | Page 53

Answer the following question
What are the features of Perfect Competition?

Exercise | Q 2 | Page 53

Answer the following question
What are the features of monopoly?

Exercise | Q 3 | Page 53

Answer the following question
What are the features of monopolistic competition?

Chapter 6: Forms of Market and Price Determination Under Perfect Competition Exercise Exercise solutions [Page 53]

Exercise | Q 1 | Page 53

State with reason whether you agree or disagree with the following statement
Perfect Competition means Monopolistic Competition.

Exercise | Q 2 | Page 53

State with reason whether you agree or disagree with the following statement
A seller is price maker in monopoly.

Chapter 6: Forms of Market and Price Determination Under Perfect Competition Exercise Exercise solutions [Page 53]

Exercise | Q 1 | Page 53

Answer in detail
What is Perfect Competition? Explain price determination under Perfect Competition.

Exercise | Q 2 | Page 53

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

Exercise | Q 3 | Page 53

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

Chapter 6: Forms of Market and Price Determination Under Perfect Competition

Exercise

Micheal Vaz Micheal Vaz Class 12 Economics

Micheal Vaz Class 12 Economics - Shaalaa.com

Micheal Vaz solutions for 12th Board Exam Economics chapter 6 - Forms of Market and Price Determination Under Perfect Competition

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Concepts covered in 12th Board Exam Economics chapter 6 Forms of Market and Price Determination Under Perfect Competition are Meaning and Features of Market, Main Market Forms, Market Forms - Duopoly, Equilibrium Price.

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