Economics · Class 12 Commerce
Ch 6Forms of Market — Class 12 Economics, concept-first.
The previous chapter, Supply Analysis, studied how a producer decides how much of a good to offer for sale at a given price. This chapter turns to the wider setting in which that decision actually plays out: the market the producer sells into, and — crucially — how many other sellers (and buyers) share that market with…
Key concepts
Hover a concept to preview it and jump to its most relevant Q&A.
Perfect Competition
Perfect competition is one of those ideas in economics that sounds technical but actually describes something you see every day — a market where no single seller has any real power, and the price is just… the price.
Most relevant Q&A
- Which of the following is a basic feature of a market under perfect competition? (a) A single seller controls the entire supply (b) Products…Free
- Distinguish between Perfect Competition and Monopoly (any three points).Free
- Explain the features of perfect competition. How is price determined under perfect competition?Free
- State with reasons whether you agree or disagree with the following statement. Price under perfect competition is decided by the interaction…Preview
- Assertion (A): In perfect competition, price is determined by the forces of demand and supply. Reasoning (R): The number of buyers and selle…Preview
In previous exams
How often this chapter’s concepts have been examined — real appearance data, never estimated.
Chapter contents
The NCERT structure, section by section. Open a section to see its questions, then read the concept-first solution.
Overview
The previous chapter, Supply Analysis, studied how a producer decides how much of a good to offer for sale at a given price.
Meaning and Classification of Market
In everyday language, a "market" is a physical place — a vegetable market, a cloth market, a fish market — where buyers and sellers gather. In economics, the term means something considerably wider.
Perfect Competition
Perfect Competition is a theoretical form of market structure in which competition among buyers and sellers is at its most complete — so complete that no single buyer or seller has any power at all to…
Monopoly
Monopoly sits at the opposite end of the competitive spectrum from perfect competition: it is a market structure in which there is only one seller of a product that has no close substitute, so that th…
Monopolistic Competition
Monopolistic Competition describes a market structure that blends elements of both perfect competition and monopoly — hence the name.
Oligopoly
Oligopoly is a market structure in which a small number of sellers — few enough that each one is large relative to the market — dominate the industry. "Oligos" is Greek for "few".
Sample & Board Papers
Sample papers and previous-year board questions for this subject.
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- Q1Give economic terms. Revenue per unit of output sold.Preview
- Q2The cost incurred by the firm to promote sales ______ (a) Total cost (b) Average cost (c) Marginal cost (d) Selling costPreview
- Q3Distinguish between: Total revenue and marginal revenuePreview
- Q4Explain any four features of monopolyPreview
- Q5State with reasons whether you agree or disagree with the following statement. Price under perfect competition is decided by the interaction…Preview
- Q6Find the odd word out: Revenue concepts: (a) Total Revenue (b) Average Revenue (c) Total Cost (d) Marginal RevenuePreview
- Q7Give economic term: Very realistic competition in nature.Preview
- Q8Assertion (A): In perfect competition, price is determined by the forces of demand and supply. Reasoning (R): The number of buyers and selle…Preview
- Q9Identify and explain the following concept: A table seller sold the table for ₹ 2,000 per price. In this way he sold 15 tables and earned ₹…Preview
- Q10Explain the meaning of Monopoly with its features.Preview
- Q11Find the odd word out: Legal monopoly: (a) Patent (b) OPEC (c) Copyright (d) TrademarkPreview
- Q12Give economic term: Charging different prices to different consumers for the same product or services.Preview
- Q13State with reasons whether you agree or disagree with the following statement. Price maker is the only feature of monopoly market. (a) Agree…Preview
- Q14Read the given passage and answer the questions: | In common language the term market means a specific place where buyers and sellers of a c…Preview
- Q15Complete the Correlation: Single price : Perfect competition :: Discriminated prices : ______Preview
- Q16Find the odd word: Cost concepts: (a) Total cost (b) Average cost (c) Marginal cost (d) Selling costPreview
- Q17Find the odd word out: Legal monopoly: (a) Patent (b) OPEC (c) Copyright (d) TrademarkPreview
- Q18Identify and explain the following concept: Abhijeet sold 15 chairs for ₹ 3000, for each chair he earned ₹ 200.Preview
- Q19Explain the classification of market on the basis of time.Preview
- Q20Study the following passage and answer the questions given below it: | Regulated market is wholesale market where buying and selling are reg…Preview
- Q21Give an economic term: The cost incurred by the firm to promote sales.Preview
- Q22Find the odd word out: Selling cost: Free gifts, Advertisement hoardings, Window displays, PatentsPreview
- Q23Revenue per unit of output sold - Marginal revenuе Marginal cost Average revenue Total revenue (a) a, b, c (b) a, c, d (c) only c (d) only bPreview
- Q24Distinguish between average revenue and average cost.Preview
- Q25State with reasons whether you agree or disagree with the following statement: Perfect Competition means Monopolistic Competition.Preview
- Q26Study the following passage and answer the questions given below it: | Digital marketing is also called online marketing. We can connect wit…Preview
- Q27State whether the following statement is True or False: Under perfect competition products are not homogeneous. (a) True (b) FalsePreview
- Q28Define or explain the following concept: Natural monopolyPreview
- Q29Write a short note: Features of pure competition.Preview
- Q30Explain the features of monopolistic competition.Preview
More questions
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- Q9Explain the meaning of market and its classification on the basis of area and time.Free
- Q10Explain the features of perfect competition. How is price determined under perfect competition?Free
- Q11Explain the features of monopoly. What is price discrimination, and on what bases is it commonly practised?Preview
- Q12Explain the features of monopolistic competition. What role do product differentiation and selling costs play in this market?Preview
- Q13Explain the meaning and features of oligopoly.Preview