Explain any 4 features of monopoly. Explain any 4 points of determinants of supply. Explain variation and changes in demand (with diagram). Explain features of utility. Explain sco... Explain any 4 features of monopoly. Explain any 4 points of determinants of supply. Explain variation and changes in demand (with diagram). Explain features of utility. Explain scope of microeconomics. Agree or disagree: Capital market plays an important role in India. There are no exceptions to the law of supply. There are many types of demand. Every desire of an individual is a demand. Macro economics is different from micro economics. There are no real exceptions to the law of DMU.
Understand the Problem
The question is asking for explanations of various concepts in economics, such as features of monopoly, determinants of supply, variations in demand, utility, and the scope of microeconomics. Additionally, it seeks an agreement or disagreement regarding specific statements about the capital market, exceptions to laws of supply, types of demand, and differentiation between macro and microeconomics.
Answer
Features of monopoly and determinants of supply, demand changes, utility, microeconomics scope, with agree/disagree assessments on various statements.
i. Features of monopoly: single seller, no close substitutes, price maker, barriers to entry. ii. Determinants of supply: production cost, technology, number of sellers, expectations. iii. Variation in demand reflects movement along demand curve due to price change, while change in demand implies shift of the whole curve due to other factors like income. iv. Features of utility: subjective, relative, measurable, and can change. v. Scope of microeconomics: price theory, resource allocation, consumer behavior, production costs. Agree or Disagree: i. Agree: Capital markets are crucial for economic growth in India. ii. Disagree: There are exceptions like agricultural supply restraints. iii. Agree: There are types such as individual, market, joint demand. iv. Disagree: Not all desires qualify as demand without purchasing power. v. Agree: Macro focuses on economy-wide phenomena, micro on individual markets. vi. Disagree: Law of diminishing marginal utility has exceptions.
Answer for screen readers
i. Features of monopoly: single seller, no close substitutes, price maker, barriers to entry. ii. Determinants of supply: production cost, technology, number of sellers, expectations. iii. Variation in demand reflects movement along demand curve due to price change, while change in demand implies shift of the whole curve due to other factors like income. iv. Features of utility: subjective, relative, measurable, and can change. v. Scope of microeconomics: price theory, resource allocation, consumer behavior, production costs. Agree or Disagree: i. Agree: Capital markets are crucial for economic growth in India. ii. Disagree: There are exceptions like agricultural supply restraints. iii. Agree: There are types such as individual, market, joint demand. iv. Disagree: Not all desires qualify as demand without purchasing power. v. Agree: Macro focuses on economy-wide phenomena, micro on individual markets. vi. Disagree: Law of diminishing marginal utility has exceptions.
More Information
Monopolies can control prices due to lack of competition, while supply determinants can influence market availability and pricing. Understanding utility is crucial for analyzing consumer choices.
Tips
Common mistakes include confusing variation in demand with changes in demand and mixing microeconomic concepts with macroeconomic contexts.
Sources
- Features and Examples of a Monopoly Market - toppr.com
- What Is a Monopoly? Types, Regulations, and Impact on Markets - investopedia.com
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