Meaning and Types of Markets — Flashcards
ICSE · Class 10 · Economics
32 flashcards for Meaning and Types of Markets (ICSE Class 10 Economics) to test yourself on key terms and facts.
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See them allWhat does the word market mean in economics?
Answer
Market in economics means buyers and sellers of a commodity who come in direct or indirect contact to buy and sell goods and services. It does not necessarily mean a physical place like a shop or baza…
Why is competition necessary for a market to exist?
Answer
Competition among buyers and sellers is essential because it prevents the same commodity from being sold at different prices without reason. If competition is absent, price discrimination may occur. C…
What is perfect competition?
Answer
Perfect competition is a market situation where there are a large number of buyers and sellers selling identical products. The product is sold at a uniform price, and no individual buyer or seller can…
What are the main features of perfect competition?
Answer
The main features are: a very large number of buyers and sellers, homogeneous products, free entry and exit of firms, perfect knowledge, absence of artificial restrictions, perfect mobility of goods a…
Why do firms earn only normal profits under perfect competition?
Answer
Under perfect competition, all firms sell identical products and face a uniform market price. Free entry and exit of firms also prevents long-term abnormal profit. Since products are homogeneous and c…
What is the demand curve of a firm under perfect competition?
Answer
The demand curve is perfectly elastic and horizontal. This means the firm can sell any quantity at the prevailing market price, but it cannot change the price by its own action. The firm is a price-ta…
What is the difference between pure competition and perfect competition?
Answer
Pure competition exists when there are a large number of buyers and sellers, homogeneous products, and free entry and exit of firms. Perfect competition is a wider term that also includes perfect know…
What does monopoly mean?
Answer
Monopoly means a market situation where there is only a single seller. The word comes from mono meaning single and poly meaning seller. Buyers have no option but to buy from that seller or go without …
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