What is perfect oligopoly? from Class 12 CBSE Previous Year Boa

Subject

Economics

Class

CBSE Class 12

Pre Boards

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Sample Papers

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 Multiple Choice QuestionsShort Answer Type

1.

Unemployment is reduced due to the measures taken by the government. State its economic value in the context of production possibilities frontier.

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2.

Define budget set.

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3.

What is meant by revenue in micro-economics?

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4.

Give meaning of 'returns to a factor.'

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5.

What is perfect oligopoly?


Perfect oligopoly is the form of oligopoly in which each firm produces homogeneous products. Here all products are perfectly substitutable. So, it can be also called as pure oligopoly. For example, cement industry or chemical industry.

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6.

Explain the central problem 'for whom to produce.'

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7.

A consumer buys 18 units of a good at a price of Rs. 9 per unit. The price elasticity of demand for the good is (−) 1. How many units the consumer will buy at a price of Rs. 10 per unit? Calculate.

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8.

State the relation between marginal revenue and average revenue.


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9.

State the relation between total cost and marginal cost.

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10.

What is the behaviour of average fixed cost as output is increased? Why is it so?

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