Sandeep Garg Macroeconomics Class 12: Chapter 10 Main Market Forms

Sandeep Garg Class 12 Microeconomics Solutions Chapter 10 Main Market Forms is explained by the expert Economics teachers from the latest edition of Sandeep Garg Microeconomics Class 12 textbook solutions. We at BYJU’S provide Sandeep Garg economics class 12 Solutions to give comprehensive insight about the subject to the students. These insights help as a priceless benefit to students while completing their homework or while studying for their exams. There are numerous concepts in economics, however, we at BYJU’S provide the students with the solution from Main Market Forms, which will be useful for the students to score well in the board examinations.

Sandeep Garg Solutions Class 12 – Chapter 10 – Part A – Microeconomics

Question 1

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.

Question 2

What are the forms of market structure?

Ans:

forms of market structure

Question 3

What are the features of Perfect Competition?

Ans: Features of Perfect Competition are:

  • A large number of buyers and sellers
  • Homogenous product
  • Freedom of exit and entry
  • Absence of selling costs
  • Absence of transportation costs

Question 4

Define a Monopoly.

Ans: Monopoly refers to a market situation where there is a single seller selling a product which has no close substitutes.

Question 5

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.

Question 6

Define Oligopoly.

Ans: Oligopoly refers to a market situation in which there are a few firms selling homogenous or differentiated products.

Question 7

What are the features of Oligopoly?

Ans: The primary features of Oligopoly are explained as follows:

  • Few firms
  • Interdependence
  • Non-price competition
  • Nature of the product
  • Role of selling costs
  • Group Behaviour

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