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Question
Explain the types of the market on the basis of time.
Short Note
Solution
- Very Short Period Market:
Markets that deal in perishable goods like, fruits, milk, vegetables, etc. are called the very short period market. There is no change in the supply of goods. - Short Period Market:
In certain goods, supply is adjusted to meet the demand. The demand is greater than the supply. Such markets are known as Short Period Market. - Long Period Market:
This type of market deals in durable goods, where the goods and services are dealt for longer period of usages
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Find the odd word out:
Market structure on the basis of competition: Monopoly, Oligopoly, Very Short Period market, Perfect competition.
Characteristics of long period market:
- All factors of production and costs are variable.
- Firms are able to adjust all costs.
- It is for a few years, generally up to five years.
- Supply of commodity cannot be increased.
Distinguish Between
Short period and Long period
Distinguish Between
Monopoly and Monopolistic competition
Explain any four features of perfect competition
Explain any four features of monopolistic competition
State with reason whether you agree or disagree with the following statement:
Selling cost is the only feature of monopolistic competition.
How the market can be classified?
Give economic terms:
The period in which all factors of production are variable.
Homogeneous product is a feature of this market.
- Monopoly
- Monopolistic competition
- Perfect competition
- Oligopoly
