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Question
Define or explain the following concept:
Market
Solution
The market acts as a platform where buyers and sellers come into contact in order to exchange (buy and sell) goods and services. It refers to a situation where buyers and sellers meet. The market need not be a physical place. Nowadays, buyers and sellers meet over the internet and engage in trade.
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Resource allocation
Meaning and Definition of Market?
Define or explain the following concepts:
Pure competition
Write short notes on Price determination under perfect competition.
Explain any two features of monopoly market.
Write short answer for the following question :
Features of Pure Competition.
State whether the following statements are ‘True’ or ‘False’.
There is no need of advertisement in monopolistic competition.
Distinguish between Any FOUR of the following :
Natural monopoly and Legal monopoly.
State whether the following statements are True or False with reasons:
There are advertisements of commodities in perfect competition.
State Whether the following statements are TRUE or FALSE:
There is no price discrimination in the monopolistic competition.
Answer the following question.
Discuss briefly the meaning of "Price discrimination" and "Product differentiation" with the help of suitable examples.
Explain the concept of market.
Study the following passage and answer the questions:
| A trademark is a recognisable phrase, word, or symbol that denotes a specific product and legally differentiates it from all other products of its kind. Registering a trademark prevents others from using it so that consumers are not confused about the product. Trademarks add value and recognition to a company. Therefore, a company with well-established trademarks and brands in its portfolio enjoy a good reputation in the market. It also makes it easy to raise money from the stock market or borrow from lenders. |
Questions:
- Explain the meaning of trademark in your own words.
- What benefits does the seller/company enjoy by registering its trademark?
