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11th Standard English Medium Economics Subject Market Structure and Pricing Book Back 2 Mark Questions with Solution Part - I

Published on: 09/06/2021

QB365 provides detailed and simple solution for every book back questions in class 11 Economics subject.It will helps to get more idea about question pattern in every book back questions with solution.

Download Tamil Nadu 11th Standard Economics question papers, model tests, one-mark questions, important questions, and public exam papers in PDF format. Free study materials and answer keys for TN State Board students.

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Std: 11th Standard - Economics

chapter: - Book back Questions

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Questions:

Generic 2

5 x 2 = 10

Draw demand curve of a firm for the following:
(a) Perfect competition, (b) Monopoly

What is selling cost?

Point out the essential features of pure competition.

Who is price-taker?

Define Market.

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Answers Key:

Generic 2

5 x 2 = 10

Expenditure involved in selling the product is selling cost. (eg) advertisement. Selling cost changes the position of the demand curve.

(i) Pure competition is a narrower term for perfect competition.
(ii) Its features are presence of large number of buyers & sellers; homogeneous products and free entry and exit of the firms.

A person who has no power to fix the price of the product is a price taker. A seller in perfect competition is a price taker.

Market refers to a system of exchange between the buyers and the sellers of a commodity.