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Question
What are the features of a market?
Solution
A market has the following characteristic features:
- Buyers and sellers of a commodity or a service.
- A commodity to be bought and sold.
- Price agreeable to buyer and seller.
- Direct or indirect exchange.
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RELATED QUESTIONS
Choose the correct option:
Under Perfect competition, sellers are
a) Price makers
b) Price takers
c) Price discriminators
d) None of these
Give economic term:
The cost incurred by the firm to promote sales.
Monopoly: Price discrimination:: ______ : Product differentiation
Type of market showing some but not all the features of a competitive market –
Find the odd word
Market on the basis of place -
Product differentiation is the main feature of ______.
Identify & explain the concept from the given illustration.
Anoop Ayurveda produces unique herbal hair oil which has no close substitutes.
Distinguish Between
Monopoly and Monopolistic 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.
Study the following table, figure, passage and answer the question given below it.
| Price per unit in Rs. | Quantity demanded | Quantity supplied |
| 5 | 100 | 500 |
| 4 | ______ | 400 |
| 3 | 300 | ______ |
| 2 | ______ | 200 |
| 1 | 500 | ______ |
- Complete the table (2m)
- Derive the equilibrium price from the above table with the help of Suitable diagram. (2m)
- Mention the equilibrium point and equilibrium price in above diagram. (2m)
- Explain the concept of equilibrium price with the help of above diagram (2m)
Which one of the market deals in the purchase and sale of shares and debentures?
What is mean by Regulated Market?
What is meant by Spot Market?
How the market can be classified on the basis of Economics?
Give economic terms:
The period in which all factors of production are variable.
Find the odd word out:
Classification of markets on the basis of time:
Read the given passage and answer the questions:
|
In common language the term market means a specific place where buyers and sellers of a commodity meet and exchange their goods. But in Economics it is not necessarily a place but it is an arrangement through which buyers and sellers come in contact with each other directly or indirectly and exchange of goods takes place among them. Market can be classified on the basis of place, time and competition. Market on the basis of competition is perfect competition and imperfect competition. Perfect competition is an imaginary concept of market and in reality, we observe various types of imperfect competition like monopoly, duopoly, oligopoly and monopolistic competition. In practice monopolistic competition is used. In this market there are some features of perfect competition and monopoly acting together. The uniqueness of this market lies in the fact that a difference is made between cost of production and selling cost. Selling cost refers to the cost incurred by the firm to create more demand for its product and increase the volume of sale. It includes expenditure on advertisement, hoardings, window display etc. |
Questions:
- Explain the concept of Market from Economic sense.
- Write the classification of Market.
- Write your own opinion about selling cost.
