Sandeep Garg Class 11 Microeconomics Solutions Chapter 10 Main Market Forms is explained by the expert Economics teachers from the latest edition of Sandeep Garg Microeconomics Class 11 textbook solutions. We at BYJU’S provide Sandeep Garg Economics Class 11 Solutions to give comprehensive insight about the subject to the students.
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Sandeep Garg Solutions Class 11 – Chapter 10 – Part A – Microeconomics
What is Market?
Ans: Market refers to the whole region where buyers and sellers of a commodity are in contact with each other to effect the purchase and sale of the commodity.
What are the forms of market structure?
What are the features of Perfect Competition?
Ans: Features of Perfect Competition are:
- A large number of buyers and sellers
- Homogeneous product
- Freedom of exit and entry
- Absence of selling costs
- Absence of transportation costs
Define a Monopoly.
Ans: Monopoly refers to a market situation where there is a single seller selling a product which has no close substitutes.
What is Monopolistic Competition?
Ans: Monopolistic Competition refers to a market competition in which there are a large number of firms which sell closely related but differentiated products.
Ans: Oligopoly refers to a market situation in which there are a few firms selling homogeneous or differentiated products.
What are the features of Oligopoly?
Ans: The primary features of Oligopoly are explained as follows:
- Few firms
- Non-price competition
- Nature of the product
- Role of selling costs
- Group Behaviour
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