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1.	Explain any four features of perfect competition.
Answer» Four features of perfect competition are: (i) Large number of buyers: Under perfect competition, there are so many buyers and sellers that no individual buyer or seller can influence the price of the commodity in the market. Any change in the output supplied by a single firm will not affect the total output of the industry. No individual buyer can influence the price of the commodity by his decision to vary the amount that he would like to buy, i.e., price of the commodity is given to the buyer. He is a price-taker having no bargaining power in the market. (ii) Freedom of entry and exit to firms: The industry is characterised by freedom of entry and exit of firms. In a perfectly competitive market, there are no barriers to entry or exit of firms. (iii) Perfect knowledge about market: This means both buyers and sellers are fully informed about the market price. Therefore, no firm is in a position to charge a different price and buyers will not pay a higher price. As a result, a uniform price prevails in the market. (iv) Perfect Knowledge about input used: Due to homogeneous product or identical in every respect like quantity, colour, size and shape, etc. The producers are perfect substitutes of one another. As a result both buyers and sellers have perfect knowledge, about the inputs used in production.

Explain any four features of perfect competition.

Answer»

Four features of perfect competition are:

(i) Large number of buyers: Under perfect competition, there are so many buyers and sellers that no individual buyer or seller can influence the price of the commodity in the market. Any change in the output supplied by a single firm will not affect the total output of the industry. No individual buyer can influence the price of the commodity by his decision to vary the amount that he would like to buy, i.e., price of the commodity is given to the buyer. He is a price-taker having no bargaining power in the market.

(ii) Freedom of entry and exit to firms: The industry is characterised by freedom of entry and exit of firms. In a perfectly competitive market, there are no barriers to entry or exit of firms.

(iii) Perfect knowledge about market: This means both buyers and sellers are fully informed about the market price. Therefore, no firm is in a position to charge a different price and buyers will not pay a higher price. As a result, a uniform price prevails in the market.

(iv) Perfect Knowledge about input used: Due to homogeneous product or identical in every respect like quantity, colour, size and shape, etc. The producers are perfect substitutes of one another. As a result both buyers and sellers have perfect knowledge, about the inputs used in production.

Discussion

2.	How does the poem, ‘An Elementary School Classroom in a Slum’, portray/describe the slum children?
Answer» The slum children in an elementary school look pathetic. They are undernourished and diseased. They are used to dark, dirty, narrow cramped areas closed in by a grey sky They are pale and unhealthy. Their unkempt and dull hair has been compared to rootless weeds. One of the girls is apparently burdened with the miseries of poverty. One of the boys has inherited his father’s disease and has stunted growth. Another student is sitting unnoticed and he is yearning to play outdoors.

How does the poem, ‘An Elementary School Classroom in a Slum’, portray/describe the slum children?

Answer»

The slum children in an elementary school look pathetic.

They are undernourished and diseased.

They are used to dark, dirty, narrow cramped areas closed in by a grey sky

They are pale and unhealthy.

Their unkempt and dull hair has been compared to rootless weeds.

One of the girls is apparently burdened with the miseries of poverty.

One of the boys has inherited his father’s disease and has stunted growth.

Another student is sitting unnoticed and he is yearning to play outdoors.

Discussion