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1. It could be placed in the bloodstream to perform surgical procedures. 

2. It could target cancer cells and destroy them without touching healthy cells nearby

The speaker is the mother of a boy. We do feel the presence of a listener, who is her son. The words are directly spoken to him.

1. market demand is equal to market supply 

2. monopoly . 

3. public monopoly

4. local market 

5. international market 

6. international 

7. perfect competition 

8. imperfect market 

9. private monopoly 

10. public monopoly 

11. natural monopoly 

12. discriminating monopoly 

13. voluntary monopoly 

14. monopolistic competition 

15. monopolistic competition 

16. oligopoly market 

17. very long period market 

18. very short period market 

19. Prof. E. H. Chamberlin 

20. profit maximisation 

21. single seller

Monopolist means singal seller competitive.

Monopolist means single seller. In other words, monopolists is the sole seller of a commodity in the market with a large number of buyers.

In monopolistic competition market, seller creates products differentiation. 

Product differentiation is an important feature of monopolistic competition. It means that the producers in a monopolistic market sell goods that are different from each other; that is, the goods of no two producers will be the same. They may be differentiated in terms of colour, size, fragrance, etc.

The photographer was a drooping man in gray coat. He appeared to be a scientist making a study on the faces of people who visit his studio. He wore a serious face all the time. He always looked at the faces of people through his camera. He disapproved of the features of people which did not conform to his estimate of perfect looks. He was proud of his expertise in using various editing skills. He boasted of his skill of removing eyebrows and refixing them artistically. He could correct the mouth, nose and eyes of photos.

Infact, he had corrected every feature of the author’s face except his ears which carried some resemblance to the original. Even that he offered to replace with better looking ears using sophisticated technique.

“To a photographer, photography is to place Head, Heart and Eye along the same line of sight. ”

Miss. Meadows is a 30 year old lady. Mr. Basil a 25 year old young man gets engaged to her. When she is cherishing the dreams of a happy married life, a letter lands on her heart like a bombshell. It shatters her dreams. It pierces her heart. Being a sensitive lady, she feels her heart is bleeding. The contents of the letter keep haunting her memory. She is unable to focus in her music classes. The miraculous engagement was almost broken. The words, “our marriage could be a mistake” leaves her bleeding. She interpreted the scornful glance of science miss . as if she had known about the “break”. He had mentioned that he was not a marrying man”.

She wondered how she would react to the disclosure of the shattered engagement to the colleagues and the villagers. She even harboured the idea of leaving her job and go into hiding somewhere. As she is in a glooming mood, she doesn’t respond to the offer of chrysanthemum with a warm smile and thanks. She gives a ‘lament’ for practice. It is only when she receives a telegram of apology from her fiance her mood gets lifted. She flits on the wings of hope and sings a joyous song along with her students. She is a perfect example of ordinary mortals who are early hurt and quickly bounce back to hopeful life as well.

“Please don’t expect me to always be good, kind and loving. There are times when I will be cold, thoughtless and hard to understand.”

Monopolist will sell the good at higher price to the consumer for whom elasticity of demand of a good is inelastic, where as he will sell the good at lower price to the consumer for whom elasticity of demand of a good is elastic.

True

Under perfect competition, each firm is a price taker, while the industry is a price maker. In the industry, the market price is determined by the intersection of the supply and demand curves.

Price is determined by an industry by the forces of demand and supply.

Monopolistic market structure is defined as the market structure where a large number of buyers and sellers engage in the exchange of differentiated products, i.e., products that are close substitutes of each other. Differentiated.

product is one of the unique features of the monopolistic market structure. For example, in the market of toilet soap, differentiated products are available under different brand names, which are close substitutes of each other but are not identical, such as Lux, Rexona, Cinthol, Lifebouy and Pears.

No, I do not agree with this statement. 

A monopolist can control the supply of goods because:

1. Monopoly is a market situation in which there is a single producer or seller of a product, which has no substitute. 

2. It means the entire production and supply of a particular product is in the hands of a single firm. Thus monopoly firm does not have a rival in the market. So he controls the supply. 

3. There is no distinction between a firm and an industry under monopoly. 

4. He is a price maker and normally fixes a higher price for profit maximisation.

A cartel is a group of firms which jointly set ‘output and price’ policy of its product in such a way so as to reap benefits of monopoly.

Price discrimination is a policy under which a seller sells a similar product at different prices to different buyers.

Under monopoly AR and MR curves have negative slope because more can be sold by lowering the price.

Correct option: (2) a, b and d

Yes, I agree with this statement.

Selling cost is incurred by a firm in Monopolistic Competition because:

1. Monopolistic competition is a market where there are many sellers selling differentiated products which are substitutes for each other. 

2. So there is an element of ‘Monopoly’ and ‘Competition.’ 

3. There is keen competition among group of monopolists producing same, though not identical product. So selling costs are incurred to increase the demand for the product. 

4. Selling costs are those costs which are incurred by the firms to create demand and increase the demand for its product through advertisements, publicity, salesmanship, etc. 

5. The main purpose of selling cost is to push up the sales of the product. 

6. The buyers in this market buy the product not by chance but by choice and preference. The advertisements, salesmanship etc can change the preference of the consumer towards their product.

A monopoly is defined as a market structure in which there is only one seller or firm. This single firm caters to the needs of a large number of buyers. Because it is the only firm in the market, it is regarded as the industry. The following are the basic features of the monopoly market structure:

i. Single seller/firm/industry - In a monopoly, there exists only one seller or a group of individuals owning a single firm. 

ii. Price maker - Since a monopolistic firm is the only firm in the market, it has total freedom to fix the price level that can maximise its profit. Therefore, it can be said that a monopolistic firm is a price maker. 

iii. Perfect knowledge - It is assumed that a monopolist has perfect knowledge about the different conditions prevailing in the market. He is well informed about the types of demand prevailing in different markets segments and determines the price of his product accordingly. 

iv. Price discrimination - A monopolist enjoys the freedom to engage in price discrimination. In other words, it can sell the same product to different buyers at different prices at different time periods. 

v. Complete control over market supply - Being a single seller, a monopolist has sole control over the production. The supply of output rests on the monopolist’s decision. 

vi. Possibility of super normal profits- A monopolist firm has complete control over his decisions regarding price and output. The decision is taken taking into consideration the profit motive. At times higher price is charged and at times supply is restricted to earn greater profits.

viii. Firm is the industry- As the monopoly firm is the single firm in the market there is no distinction between the firm and the industry.

Monopolistic competition is defined as the competition among a large number of sellers. These sellers sell differentiated products that are close substitutes of each other. Dealing in differentiated products is one of the unique features of the monopolistic market structure.

Some of the features of monopolistic competition are as follows:

i. Large number of buyers and sellers - There are a large number of buyers and sellers in a monopolistic market. 

ii. Differentiated product - Products of a firm are slightly different from those of other firms, but they are close substitutes. Product differentiation is achieved through brand name, trade mark and advertisements. 

iii. Selling cost - The need of the selling cost arises due to the sole aim of differentiating products. It is through the help of advertisements that a monopolistic firm tries to convince the consumers by distinguishing its product from its substitutes on qualitative basis. 

iv. Free entry and exit of firms - The firms in the monopolistic market enjoy the freedom of free entry and exit from the market. However, at times, because of legal barriers and patent rights, a new firm cannot enter the market. 

v. Restricted entry of new firms- The entry into the monopolist market is restricted. In other words, no new firm can enter the monopoly market. There may be various legal barriers such as, patent rights, cartel laws, exclusive rights, etc. to restrict the entry of the new firms. 

vi. Elastic demand curve- The demand curve faced by the firms is highly elastic and slopes downwards. This is because of the availability of a large number of close substitute products.

Perfect competition.

Both AR curve and demand curve are the same in a monopoly market.

It is a market in which there is a single seller, selling a product which does not have close substitutes.

price discrimination appears in a monopoly market.

Price discrimination implies charging different prices for the same product from different buyers at the same time. Because a monopolist is a single seller of a good in the market, he enjoys the freedom to exercise price discrimination.

Yes, I agree with this statement.

1. In monopoly market there is a single seller of a product. The aim of the monopolist is to earn maximum profit. 

2. Being a single seller, the monopolist has complete control over the market supply. 

3. The monopolist can thus have control over the price. He is, thus, a price maker

Option : (4) only c

Yes, I agree with this statement. 

Price discrimination is possible under Monopoly because :

1. Monopoly is a market situation where there is only one seller who has complete control over the supply of commodity.

2. So he is the price maker and also there is no close substitute for his product. 

3. Therefore, the buyer has no alternative but to buy the product from the monopolist or go without it. 

4. So a monopolist can charge different prices from different buyers for the same product. 

5. Generally he charges higher price from rich and lower price from poor. 

6. E.g. a doctor in a village may charge less fees from poor and high fees from rich.

Yes, I agree with this statement.

Single price prevails under perfect competition because.

1. In perfect competition there are large number of buyers and sellers. A single seller nor a single buyer can influence the supply nor the demand and the price. 

2. In perfect competitive market price is determined by the interaction of the forces of demand and supply. 

3. Hence sellers and buyers are ‘Price takers’ only. 

4. Products sold in perfectly competitive market are homogeneous, and hence uniform or single price rules throughout the market for that product and also there is no selling cost incurred.

5. There is perfect knowledge on the part of buyers and sellers about market conditions, which prevents price – discrimination, so single price prevails. 

6. Transport costs are ignored under perfect competition. If transport costs are involved then the prices of homogeneous goods would tend to differ.

Yes, the above statement is correct. This is because in a monopoly, there is only a single seller or a group of individuals owning a single firm. Being a single firm in the market, it has total freedom to fix the price level that maximises its profit. Therefore, it can be said that a monopoly firm is a price maker

True

A monopoly market consists of only one seller or firm. This single firm caters to the needs of a large number of buyers. Because there is only firm in the market, the firm is regarded as the industry.

Yes, I agree with this statement.

• Public Monopoly is solely owned, operated and controlled by the Government.
• Government owned firm provide utility service. It does not aim at profit but welfare maximisation.
• Utility services like the Railways, banks, water supply etc., if left to the private firms will lead to exploitation.
• This is because such services have inelastic demand, so if it is left to private firm they will charge high prices.

No, I do not agree with this statement.

1. In common language, the term market is generally understood as a place buyers and sellers meet to buy and sell the commodities.

2. For market to exist, there should be arrangement through which buyers and sellers come in close contact with each other directly or indirectly for exchange of goods and services. 

3. This exchange may be by way of telephone, tele-marketing, internet all over the world.

1. Oligopoly 

2. Equilibrium point 

3. Selling cost 

4. Homogeneous 

5. Discriminating monopoly

Concept : Market for good ‘X’ is perfect competition.

Explanation : At the same price ? 50 sellers are ready to sell more and more in the market.

Concept : Market for good ‘Y’ is monopolistic competition.

Explanation : As price of ‘Y’ falls, more and more sellers enter the market to sell their product.

Yes, I agree with this statement. 

Perishable goods have local market because:

• Market confined to a particular area or locality like a village or town is called local market.
• Perishable goods are those goods which last for 2-3 days e.g. Goods like fish, milk, fruits, vegetables, flowers, etc. usually have local market.
• Since, such goods are get destroyed soon and if transported to far off markets places, transport cost would also be high, increasing the cost of goods.

Hence, perishable goods usually have local market.

1. Legal monopoly 

2. Transport cost 

3. Perfect competition 

4. Market 

5. Monopoly 

6. Natural monopoly 

7. Equilibrium price

8. Public monopoly 

9. Price discrimination 

10. Voluntary monopoly 

11. Monopsony

Option : (4) only b

Fishing was a very important activity on the Samoan islands in the 1920s.

1. Invisible. It means the work that is not seen from our eyes. For example, the main responsibility for housework and care-giving tasks, like looking after the family, especially children, the elderly and sick members, lies with women. There are such works or tasks which are often not recognised as works and therefore remain invisible.
2. Physically demanding. Very tough and difficult tasks. For example, women do a lot of work inside the home. Some of these works such as carrying heavy headloads of firewood, fetching water from a far-off place, washing clothes of the entire family members etc. are very tough and difficult. Still women do them regularly without making any complaints.
3. Time-cosuming. Household works that take much time. For example, women’s routine begins from early morning and continues upto late night. During this period they are seen busy in fulfilling the needs and wishes of their family member. They often sit with their children and help them in completing their homework. This is a good example of time-consuming work.

Their only intention was to get home safe and as soon as possible.

Domestic workers are often not treated well by their employers. Despite the hard work they do, their employers often do not show them much respect.

In our societies, the work that women do within the home is not recognised as work. It is assumed that this is something that comes naturally to women. It is therefore, Harmeet developed such notions and said that her mother did not work

It is because the work that domestic workers do, does not have much value.

Every evening, once the school was over, boys watched as hundreds of school girls crowded the narrow streets. The girls walked on the streets in groups and their only intention was to get straight home. On the contrary the boys used the streets as a place to stand around idling, to play, to try out tricks with their bicycles. They never reached home in time.

A research took place on Samoan society in 1920s. According to the reports of the research, Samoan children did not go to school. They engaged themselves in many different activities. They learnt from their elders how to take care of children or do housework. Fishing was an important activity on the Samoan islands. Young people learnt to undertake long fishing expeditions. Both boys and girls used to look after their younger siblings. But, by the time a boy was about nine years old, he joined the older boys in to learn outdoor jobs like fishing and planting coconuts. Girls had to continue looking after small children or do errands for adults till they were teenagers. They enjoyed much freedom during teenage. After the age of fourteen or so, girls also went on fishing trips, worked in the plantations, learnt how to weave baskets. Boys had to do most of the work associated with cooking. After they prepared the meal, girls helped them.

Women discharge a lot of responsibilities inside their home. They look after the family, especially children, the elderly and sick members. They manage the entire activities so efficiently. They cook food by standing for hours in front of hot stoves, wash clothes, maintain cleanliness, etc. In rural areas women and girls carry heavy headloads of firewood. These works are not considered as real works in our families and societies. The work that women do within the home is not recognised as work. It is assumed that this is something that comes naturally to women. Due to this fact, it does not have to be paid for. Our society devalues such work.

The lives of domestic workers are full of hardships. They do a lot of work in then- employer’s house. They sweep and clean, wash clothes and dishes, cook different varieties of food, look after young children or the elderly. Their day usually begins at five in the early morning and ends at twelve in the night. During this span they do not sit even for a while. Most domestic workers are women. Sometimes, even young boys and girls are employed to do all these works. Despite the hard work they do, their employers often do not show them much respect. They are often scolded by them even at a minor mistake. So far their wages are concerned, they are veiy low. The reason behind this is that domestic work does not have much value. Melani is a domestic worker who leads a very hard life inspite of her hard labour. Her employer is not at all sympathetic to her. She shouts at her every now and then. She does not give her sufficient food to eat. Even during severe winters she does not allow her to wear chappals in the house. Melani feels very humiliated. As she has no other option, she has to bear all the hardships. But she, like her employer, also wishes to be respected.

Girls like to go to school together in groups because in group they feel secured.

The government recognises that burden of childcare and housework falls on women and girls. This naturally has an impact on whether girls can attend school. It determines whether women can work outside the house and what kind of jobs and careers they can have. The government has set up Anganwadis or childcare centres in several villages in the country. It has passed laws thatmake it mandatory for organisations that have more than 30 women employees to provide creche facilities. The provision of creches helps many women to take up employment outside the home. Girls have also been benefited through this provision. More and more girls now have started attending schools.