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(c) Pyrogallol

(b) 1, 2 – dihydroxy benzene

Correct option is B) 250 N

The law of supply states that, other things being equal, quantity supplied increases with increase in price and decreases with decrease in price of a commodity.

When supply of a product increases due to other factors like improvement in technique of production, changes in goals of firms etc. it is known as increase in supply. 

When supply of a product falls due to other factors like expected fall in prices in future, rise in factor prices etc. it is known as decrease in supply.  

The other name of 3, 5 – dihydroxy toluene is known as Orcinol

When a fall in price of a commodity causes a decrease in its quantity supplied, it is called contraction of supply. 

If quantity supplied falls due to factors other than own price of the commodity, it is a situation of decrease in supply. 

The charge of assets means mortgage rights.

Debenture is a security that bears a fixed rate of interest.

Decrease in supply is caused by (i) increase in input prices, (ii) decrease in number of firms.and (iii) shift in goal of the firm from sales maximisation to profit maximisation.

Total product (TP) is the total quantity of a commodity produced in a given period. 

Marginal product (MP) is additional quantity of the commodity produced by using an additional unit of a variable factor. 

Average product (AP) is the output per unit of the variable factor. 

Share is a capital showing ownership right while debenture is a borrowed capital.

The rate of interest is given on debenture. At that rate, debenture can be identified. E.g. On debenture 10% interest will be given then it is known as 10% debenture.

When a rise in the price of a commodity causes an increase in its quantity supplied, it is called expansion/extension of supply. 

If the quantity supplied increases in the market due to factors other than own price of the commodity, it is a situation of increase in supply.

Extension of supply is caused by increase in price of the concerned commodity.

(b) Alkanal, Alkene

(c) Phioroglucinol

When there is a fall in supply due to a fall in price, it is known as contraction in supply. 

In present days debenture holders get documents in form of dematerialization instead physical copy. Here, the purchase of debenture is directly deposited in debenture holder’s demat A/c.

Other things being equal, when quantity supplied of a commodity increases due to rise in price alone, it is known as extension in supply. 

(c) comparatively inert

Correct option is (C) Liability (debt)

A) Both statements are correct

C) a→iii, b→i, c→iv, d→ii

If the price of the commodity remains constant and the supply is changed by the changes in other factors, it is known as change in supply. 

When MC > ATC, ATC must rise.

Variable cost determines MC.

Marginal Product should be decreasing.

Variable cost is zero when output is zero.

Average Fixed Cost-It can be obtained by dividing Total Fixed Cost by Quantity of output.

AFC = TFC/Q

(i) As output increases, AFC goes on declining. The AIC Curve is, therefore a downward sloping curve.

(ii) As output approaches zero, A-FC approached infinity but AIC curve never touches the Y-axis. AFC curve never touches X-axis also. Actually, this curve takes the shape of Rectangular Hyperbola.

Average Variable Cost-It can be obtained by dividing the Total Variable Cost (TVC) by the quantity of output Q.

AVC = TVC/Q

As output rises, the AVC first falls, reaches a minimum level and then begins to rise. Thus, AVC curve has a U-shape.

Monopolistic market implis such a market in which a specific product has only one producer or seller. The product should not have a close substitute. According to Prof. Leftwich, “Pure monopoly is that market state, in which one firm sells the production of that product whose substitute is not available.”

AC falls as output rises, because of increasing returns to a factor.

Monopolistic market is one, in which, there is only one producer or seller of a specific product. This product should not have a close substitute. There are effective restrictions on entry of new firms in the industry. These obstacles can be artificial, institutional, economic or financial. In India, Indian Railways, State Electricity corporations, etc. can be its examples. Pure monopolistic market cannot be seen in practice. Imperfect competition market can only be seen in actual. This is of course an imaginary concept. In present time, whether it be Indian Railways or State Electricity coroporations, all have to face competition, i.e. Railway has to ccompete with roadways, similarly, electricity department faces competition from alternative energy sources (solar energy is a strong competiter).

It is clear from the above analysis that both pure monopoly and perfect competition are theoretical hypotheses, not seen in real life. Both have their limits. In fact, a-state between these two exists in markets, which is also called imperfect competition market.

Oligopoly refers to a market form, in which there are small number of companies that produce the same product or a slightly different product. In such a case, the policies of a firm depend on how they think the rival competitors will react to their move. Producers being less, they are able to monitor the moves of competitor firms, and they are even prepared to find solutions to each other’s strategies. Due to this, a fierce competition is seen among firms in oligopolic market. This is why it is said that real competition is seen in oligopolic market.

Following are the main features of Monopolistic Competition:

(a) Existence of a Large Number of Firms : An important feature of monopolistic competition is that there is a large number of firms in the market, each firm accounting for very little share in the overall production of the industry. Companies are small- sized and they are found in large numbers. This type of situation is found in those branches of production in which scale economy is limited with a little bit of capital investment and simple techniques of production.

(b) Product Differentiation: A distinct feature of monopolistic competition is product differentiation Though the number of firms is large, but their products differ from one another in colour, shape, brand , quality, durability, etc. These products are close substitutes. 

Examples- Soaps like Pears, Dove, Patanjali, etc., Pens like Reynolds, Parker, etc.

(c) Freedom of Entry and Exit of Firms: This is another important feature of monopolistic competition. It is easy for new firms to enter and existing firms to leave in monopolistic competition. Free entrance means that when the existing firms in the industry are earning economic benefits, then new entities enter the industry which help in the expansion of production.

As a result, the price of the product decreases in the long term. However, it should be noted that under monopoly competition, entry cannot be as easy or independent as compared to products with perfect competition. But under monopolistic competition, the new firm can only produce new brands or product varieties, due to which it may be difficult to compete in the beginning with already well-established brands and product varieties.

(d) Some Influence over the Price: Each firm under monopolistic competition produces a product variety which is a close substitute of others. Therefore, if a firm lowers the price of its product variety, some customers of other product varieties will switch over to him. This means that as the the price of its product lowers, its quantity demanded will increase. On the other hand, if he raises the price of its product, some of his customers will leave him and buy similar products from his competing firms.

This implies that demand curve facing a firm working under monopolistic competition slopes downward and marginal revenue curve lies below it. This means that under monopolistic competition, an individual firm is not a price taker but will have some influence over the price of its product. If the producer fixes a higher price, he will be able to sell a relatively smaller quantity of output. And if the producer fixes a lower price, he will be able to sell more. Thus, under monopolistic competition, a firm has to choose a price-output combination which will maximize its profit.

(e) Non-price.Competition : An important feature of monopolistic competition is non-price competition, through which companies try to win customers in the market. Competitive rivals use various strategies, like the guarantee of repair, after sales service, gift plans, etc.

(f) Less Mobility : Under monopolistic competition, both the goods and services are not fully mobile as it is in perfect competition.

(g) More Elastic Demand : Under monopolistic competition, demand curve is more elastic than in a pure monopoly. In order to sell more, the firm must reduce its price.

(h) Selling Costs Selling costs constitute a substantial part of the total cost under imperfect or monopolistic competition: Selling costs refer to those costs which are incurred by the firms for promoting their sales. These are incurred on advertisements, salesmanship, etc.

(i) Imperfect Knowledge Buyers and sellers lack the right knowledge about the price of the product: Because it is not possible to compare the products of different companies due to product discrimination, buyers prefer a particular brand from among a wide range of products differentiated by special firms.

(i) When MR is positive and constant, TR should increase at a constant rate.

(ii) When MR is falling, TR should increase at a decreasing rate.

Following are the two characteristics of oligopoly competition

(a) Interdependence : Under oligopoly, a firm cannot take independent price and output decisions. Since the number of competitive firms is limited, therefore each firm must keep in mind the reactions of the rival companies. The price and output decision of an oligopoly firm has a great impact on the price and output decision of the rival companies.

(b) Role of Selling Costs : Advertising plays a big role in an oligopolic market, compared to other market systems. A large expenditure is required on advertising and sales promotion techniques to maintain and increase current market share.

No, because all cost are variable costs in the long run and no factor is fixed factor in the long run.

AVC = ATC

We know that,

TC=TFC+TVC

Dividing both the sides by 'Q', we get

Hence, TC/Q = TFC/Q + TVC/Q [.'.TFC = 0]

ATC = AVC

Graphically, both the cost curves will intersect each other. Both will be equal.

Average revenue decreases. As under monopoly, more of the commodity can be sold by lowering down the price of the commodity. Hence AR curve is downward sloping from left to right.

Oligopoly is an important form of imperfect competition. Oligopoly is said to prevail when there are a few firms or sellers in the market producing or selling a product. When there are two or more than two, but not many producers or sellers of a product, oligopoly is said to exist. Oligopoly is also often referred to as “Competition among the Few”. There is no borderline between ‘few’ and ‘many’, but when the number of sellers of a product are two to ten, oligopoly situation is said to exist. When products of a few sellers are homogeneous, it is the situation of Pure Oligopoly.

Prof. George J. Stigler defines oligopoly as, ” That situation in which a firm bases its market policy in part on the expected behaviour of a few close rivals.”

William Fellnser refers to it as, ” Competition among the few”.

(a) Monopoly Power The first characteristic of an oligopoly firm is its monopoly power. The Oligopoly firm does not have absolute monopoly because it is not the only firm to constitute the industry. But in the case of its market conditions and some of its business practices, the oligopoly firm has a monopolistic character.

(b) Interdependence Under oligopoly, a firm cannot take independent price and output decisions. Since the number of competitive firms is limited, therefore each firm must keep in mind the reactions of the rival companies. The price and output decisions of an oligopoly firm has a great impact on the price and output decisions of the rival companies.

(c) Indeterminate Demand Curve The interdependence of firms makes their demand curve indeterminate. When a firm lowers the value, other firms also cut their prices. That’s why the firm cannot be certain about the demand of its product. Thus, the demand curve facing an oligopolistic firm loses its certainty and is thus uncertain because it constantly changes due to the reaction of the rival companies.

(d) Role of Selling Costs Advertising plays a big role in the monopolistic competition market compared to other market systems. A large expenditure is required on advertising and sales promotion techniques to maintain and increase current market share.

(e) Conflicting attitude of firms At times, the firms realize the disadvantage of mutual competition and desire to combine together to maximize their joint profits. The tendency, at such times, is towards collusion to serve their common interests. After some time, dissatisfaction of one firm or the other, may lead to competition, including cut-throat competition. Thus, two conflicting attitudes are at work under oligopoly-one of cooperation and united action and the other of conflict and antagony.

(f) Lack of Uniformity Another feature of oligopoly market is the lack of uniformity in the size of firms. Firms do not confirm to standard size. Some may be small, others very large.

(g) Price RigidityAnother important feature of oligopoly with product differentiation is the existence of price rigidity under it. Prices tend to be rigid under oligopoly. If a firm introduces a price cut, the Customers of rival firms are attracted towards it. The rival firms will retaliate by cutting down their prices. Thus, a price war will ensue which will benefit none.

It is under the Perfect Market Competition when a firm can sell more at the given price that AR = MR throughout as production is increased by the firm. It is because the firm is a price taker. It means that price, which is same as AR, remains unchanged throughout. By the average-marginal relationship, AR remains unchanged only when AR = MR throughout.

Since compound ‘A’ comes out before compound ‘B’, the compound ‘B’ is more readily adsorbed on column.

Iron oxide present as impurity in sulphide ore of copper forms slag which is iron silicate and copper is produced in the form of copper matte.

FeO + SiO₂ → FeSiO₃37.

Sulphides are not reduced easily but oxides are easily reduced.

Correct option is A. Intelligence test

The transition elements exhibit high enthalpies of atomization because they have large number of unpaired e^- in their atoms. Due to which they have stronger interatomic interaction and hence stronger bonding between atoms.

(b) nitrobenzene

(b) (i) > (iii) > (ii) > (iv)

1. In gaseous phase, basic character of amines increases with the increase in the number of electron the releasing alkyl groups due to + I effect so the trend of basic character is 3° > 2° > 1° > NH₃ . Therefore, (CH₃)₃N > (CH₃)₃NH > CH₃NH₂ > NH₃ .

2. In aqueous phase, solvation of ammonium cation occurs by water molecules, greater the size of ion, lesser will be the solvation and lesser will be the stability of ion. So on combining + I effect and solvation effect, in aqueous phase trend changes to 2° > 1° > 3° , (CH₃)₃NH > CH₃NH₂ > (CH₃)₃N > NH₃.