Class 12 Micro Economics - Chapter Non-competitive Markets NCERT Solutions | Comment on the shape of MR curve in case

List the three different ways in which oligopoly firms may have.

Will the monopolist firm continue to produce in the short run if a loss is incurred at the best short run level of output?

If duo poly behavior is one that is described by Cornet, the market demand curve is given by the equation q = 200 - 4p and both the firms have zero costs, find the quantity supplied by each firm in equilibrium and the equilibrium market price. 

A monopoly firm has a total fixed cost of Rs 100 and has the following demand schedule:

Find the short run equilibrium quantity, price and total profit. What would be the equilibrium in the long run? In case the total cost is Rs.1000, describe the equilibrium in the short run and in the long run.

From the schedule provided below calculate the total revenue, demand curve and the price elasticity of demand:

What would be the shape of the demand curve so that the total revenue curve is?

(a) A positively sloped straight line passing through the origin?

(b) A horizontal line?

If the monopolist firm of Exercise 3 was a public sector firm. The government set a rule for its manager to accept the government fixed price as given (i.e. to be a price taker and therefore behave as a firm in a perfectly competitive market). And the government has decided to set the price so that demand and supply in the market are equal. What would be the equilibrium price, quantity and profit in this case?

What is meant by prices being rigid? How can oligopoly behavior lead to such an outcome? 

Explain why the demand curve facing a firm under monopolistic competition is negatively sloped.

What is the value of the MR when the demand curve is elastic?

Explain the concept of a production function

Explain market equilibrium.

Discuss the central problems of an economy.

What are the characteristics of a perfectly competitive market?

What do you mean by the budget set of a consumer?

What is the total product of input?

When do we say that there is an excess demand for a commodity in the market?

What do you mean by the production possibilities of an economy?

How are the total revenue of a firm, market price, and the quantity sold by the firm related to each other?

What is budget line?

What do you understand by normative economic analysis?

Why does the SMC curve cut the AVC curve at the minimum point of the AVC curve? 

Distinguish between microeconomics and macroeconomics.

What is the law of diminishing marginal product? 

Can there be some fixed cost in the long run? If not, why?

What are the average fixed cost, average variable cost and average cost of a firm? How are they related? 

What are the average fixed cost, average variable cost and average cost of a firm? How are they related? 

What do the long-run marginal cost and the average cost curves look like? 

Suppose a consumer can afford to buy 6 units of good 1 and 8 units of good 2
if she spends her entire income. The prices of the two goods are Rs 6 and Rs 8
respectively. How much is the consumer’s income?

When does a production function satisfy increasing returns to scale?