Nature and Structure of Markets — Important Questions
ICSE · Class 10 · Economic Application
56 important questions from Nature and Structure of Markets for ICSE Class 10 Economic Application, with answers. Written for the board exams 2027.
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Important Questions from Nature and Structure of Markets
A market in economics refers mainly to buyers and sellers of a commodity spread over a wide area. True or False?
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True
A market does not necessarily mean one place. It refers to buyers and sellers of a commodity, often spread over a wide area.
In perfect competition, a firm is a price-taker. True or False?
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True
Under perfect competition, no single firm can influence the market price, so the firm accepts the prevailing price.
Under perfect competition, products sold by different firms are homogeneous. True or False?
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True
Homogeneous products are identical in quality, shape, size, colour, design and packing.
What is monopoly?
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A market situation where there is only a single seller
Monopoly means only one seller or producer supplies the good or service in the market.
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