CBSE Class 12 Economics Forms Of Market VBQs Set A

CBSE Class 12 Economics Forms Of Market VBQs Set A read and download in pdf. Value Based Questions come in exams for Economics in Standard 12 and are easy to learn and helpful in scoring good marks. You can refer to more chapter wise VBQs for Class 12 Economics and also get latest topic wise very useful study material as per latest 2021 NCERT book for Class 12 Economics and all other subjects for free on Studiestoday designed as per latest Grade 12 CBSE, NCERT and KVS syllabus and examination pattern

FORMS OF MARKET AND PRICE DETERMINATION

VERY SHORT ANSWER TYPE QUESTIONS (1 MARK)

Question. What is the relationship between AR curve and demand curve in a monopoly market?
Answer. Both AR curve and demand curve are the same in a monopoly market.

Question. What do you mean by price discrimination?
Answer. Price discrimination is a policy under which a seller sells a similar product at different prices to different buyers.

Question. Define oligopoly.
Answer. Oligopoly is a market structure where there are few firms competing for their homogenous or differentiated products.

Question. What will be the effect on equilibrium price when increase in demand is than increase in supply?
Answer. When increase in demand is more than increase in supply, equilibrium price will increase.

Question. Under what situation does the equilibrium price remains unaffected when there is simultaneous increase in demand and supply.
Answer. When increase demand is equal to increase in supply the equilibrium price will remain same.

Question. What is the relation between average revenue curve and demand curve under monopolistic competition?
Answer. Both AR and MR curves have negative slope

Q1. ―Demand curve facing a monopoly firm is a constraint for the monopolist.‖ Comment

Ans :- one seller, price maker

Q2. Price discrimination should be socially desirable. How?

Ans :- For the benefit of the poor

Q3. How to reduce the incidence of selling cost under monopolistic competition because of which price tends to be higher than what it would have been if only the production cost would have been the sole basis.

Ans :- reduce expenditure on advertisement, increase consumer awareness

Q4. Why has power crisis increased in India?

Ans :- demand is more, transmission and distribution losses and theft

Q5. Explain the effect on the market equilibrium by imposing a ban on the sale of GUTKA in Delhi?

Ans :- fall in supply, increase in supply of other related goods

Q6. BPO offers attractive jobs to the educated urban youth in India. Though highly remunerative, these jobs involve long and inconvenient working hours. What is the impact of BPO on the supply of labour.

Ans :- prevailing unemployment supply of labour is not affected by the long and inconvenient working hours( sweat shopping)

Q7. A severe drought results in a drastic fall in the output of wheat. Analyze how it will affect the market price of wheat.

Ans:- Market price will rise, price regulation may be required from the govt.

Q8. Consumers often suffer because of their ignorance about the market situation and pay higher price than the equilibrium price. How this can be avoided.

Ans :- consumer awareness about their rights and duties

Q9. How are decisions taken by consumers and producers in a market coordinated?

Ans :- Manifest in the form of demand and supply and the resultant price.

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