MICROECONOMICS CH : 10 PRODUCER'S EQUILIBRIUM — Economics STD 11 Commerce — Question

___________ is a form of the market in which there are a few big sellers of a commodity and a large number of buyers.

The price at which market demand and market supply of a commodity are equal refers to __________.

When more output is sold by reducing the prices, AR _____________ MR.

IC analysis of consumer's equilibrium is based on the concept of ________ measurement of utility. (cardinal/ordinal)

TP increases at ______ then, MP decreases.

The law of demand does not apply to _________________ goods. (normal/Giffen)

In case of perfect competition ______________ goods are produced.(homogeneous/differentiated)

If the market supply of a commodity X changes due to rise in price of a factor input, the market supply curve will _______.

The rate at which the consumer can substitute one commodity for the other, without changing the level of satisfaction, is known as _______. (marginal rate of substitution/marginal utility)

__________ is a market situation in which there is a single seller and no close substitutes are available of a commodity.