Class 12 Economics : Microeconomics – Non Competitive Markets – Get here the Notes for Class 12 Economics : Microeconomics – Non Competitive Markets. Candidates who are ambitious to qualify the Class 12 with good score can check this article for Notes. This is possible only when you have the best CBSE Class 12 Economics Notes, study material, and a smart preparation plan. CBSE 2019 Class 12th Exam is approaching and candidates will have to make the best use of the time available towards the last stage of your CBSE Class 12th Economics Preparation. To help you with that, below we have provided the Notes of 12 Economics for topic Microeconomics – Non Competitive Markets.
- Class: 12th
- Subject: Economics
- Topic: Microeconomics – Non Competitive Markets
- Resource: Notes
CBSE Notes Class 12 Economics Non Competitive Markets
Candidates who are pursuing in Class 12 are advised to revise the notes from this post. With the help of Notes, candidates can plan their Strategy for particular weaker section of the subject and study hard. So, go ahead and check the Important Notes for Class 12 Economics : Microeconomics – Non Competitive Markets.
Non Competitive Markets
1. Market It refers to a mechanism or an arrangement that facilitates contact between the buyers and sellers for the sale and purchase of goods and services.
2. Monopoly It is a form of the market in which there is a single seller of a product with no close substitutes. Example- Railways in India are a monopoly industry of the Government of India.
3. Features of Monopoly
(i) One seller and large number of buyers
(ii) Restrictions the entry of now firms
(iii) No, close substitutes
(iv) Full control over price
(v) price discrinlination
4. Price Maker A monopolist is a price maker. It means that he can fix whatever price he wishes to fix for his product.
5. How does a Monopoly Market Structure Arise?
(1)Government licensing
(ii) Patent rights
(iii) Cartels
(iv) Natural occurrence
6. Monopolistic Competition it is a form of the market in which there are many sellers of the product but the product of each seller is some what different from that of the other.
7. Features of Monopolistic Competition
(i) Large number of buyers and sellers
(ii) Product differentiation
(iii) Freedom of entry and exit of firm
(iv) Selling cost
(v) Less mobility
(vi) Lack of perfect knowledge
(vii) Non-price competition
(viii) More can be sold at lower price
8. Oligopoly It is a form of the market in which there are a few big sellers of a commodity and a large number of buyers. Each seller has a significant share of the market.
9. Features of Oligopoly
(i) A few firms
(ii) Large number of buyer
(iii) Entry barriers
(iv) High degree of intercl(·pcncicncc
(v) Not possible to determine firm’s demand curve
(vi) Formation of cartels
(vii) Non-price competition
10. Firm’s demand curve is indeterminate under oligopoly because there is a high degree of interdependence between the firm,
11. Shape of demand curve under different market
(i) It slops downwards under monopoly. Hut it is not, very elastic.
(ii) It, slops downwards under monopolistic competition. But It is relatively more elastic.
(iii) It is indeterminate tinder oligopoly.
Class 12 Key Points, Important Questions & Practice Papers
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Class 12 NCERT Solutions
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Class 12 Mock Test / Practice
Mock test are the practice test or you can say the blue print of the main exam. Before appearing in the main examination, candidates must try mock test as it helps the students learn from their mistakes. With the help of Class 12 Mock Test / Practice, candidates can also get an idea about the pattern and marking scheme of that examination. For the sake of the candidates we are providing Class 12 Mock Test / Practice links below.
Class 12 Exemplar Questions
Exemplar Questions Class 12 is a very important resource for students preparing for the Examination. Here we have provided Exemplar Problems Solutions along with NCERT Exemplar Problems Class 12. Question from very important topics is covered by Exemplar Questions for Class 12.
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