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ECONOMICS- IMPORTANT QUESTION BANK
What is meant by “Product differentiation”?
How an equilibrium price and an equilibrium quantity of a normal commodity are affected by an increase in an income of the buyers? Explain with the help of diagram.
Differentiate the perfect competition from monopoly.
What is double counting in economy? How can it be avoided?
Distinguish between a firm and an industry.
What are the features of monopolistic competition?
What are the limitations of fiscal policy?
Explain the relationship between SAC and SMC. Draw the diagram.
What are the different methods of measuring price elasticity of demand?
Write a note on monopoly. Explain the advantages and disadvantages of monopoly.
Explain the factors affecting the market demand of a commodity.
Explain the types of elasticity of demand.
Explain the factors determining supply.
Describe consumer’s equilibrium with the help of indifference map.
Explain how controlling money supply is helpful in reducing excess demand.