Chapter 8
Perfectly Competitive Market Model
Multiple Choice Questions
āĻāĻাāϧিāĻ āĻŦিāĻāϞ্āĻĒ āĻĒ্ā§°āĻļ্āύ
1. The number of firms in a perfectly competitive market is
āϏāĻŽ্āĻĒূā§°্āĻŖ āĻĒ্ā§°āϤিāϝোāĻিāϤাāĻŽূāϞāĻ āĻŦāĻাā§°āϤ āĻĢাā§°্āĻŽā§° āϏংāĻ্āϝা āĻšৈāĻে
(a) One
āĻāĻ
(b) Two
āĻĻুāĻ
(c) Ten
āĻĻāĻš
(d) Infinite
āĻ āϏীāĻŽ
Answer: (d) Infinite (āĻ āϏীāĻŽ)।
2. Price of a product under perfect competition is determined by
āύিāĻুঁāϤ āĻĒ্ā§°āϤিāϝোāĻিāϤাā§° āĻ āϧীāύāϤ āϏাāĻŽāĻ্ā§°ী āĻāĻাā§° āĻŽূāϞ্āϝ āύিā§°্āϧাā§°āĻŖ āĻā§°া āĻšāϝ়
(a) Demand
āĻĻā§°āĻাā§°
(b) Supply
āϝোāĻাāύ
(c) Both demand and supply
āĻাāĻšিāĻĻা āĻā§°ু āϝোāĻাāύ āĻĻুāϝ়োāĻা
Answer: (c) Both demand and supply (āĻাāĻšিāĻĻা āĻā§°ু āϝোāĻাāύ āĻĻুāϝ়োāĻা)।
3. The market period supply curve is
āĻŦāĻাā§°ā§° āϏāĻŽāϝ়ā§° āϝোāĻাāύ āĻŦāĻ্ā§° āĻšৈāĻে
(a) Perfectly elastic
āϏāĻŽ্āĻĒূā§°্āĻŖā§°ূāĻĒে āĻāϞাāώ্āĻিāĻ
(b) Perfectly inelastic
āϏāĻŽ্āĻĒূā§°্āĻŖā§°ূāĻĒে āĻāϞাāώ্āĻিāĻ āύāĻšāϝ়
(c) Relatively more elastic
āϤুāϞāύাāĻŽূāϞāĻāĻাā§ąে āĻ āϧিāĻ āĻāϞাāώ্āĻিāĻ
Answer: (b) Perfectly inelastic (āϏāĻŽ্āĻĒূā§°্āĻŖā§°ূāĻĒে āĻāϞাāώ্āĻিāĻ āύāĻšāϝ়)।
4. Normal price is the price that tens to prevall in the
āϏ্āĻŦাāĻাā§ąিāĻ āĻŽূāϞ্āϝ āĻšৈāĻে āϏেāĻ āĻŽূāϞ্āϝ āϝিāĻো āĻĻāĻšāĻাā§° āĻĒā§°া āĻĒ্ā§°িāĻাāϞ āĻā§°িāĻŦ āϞাāĻে
(a) Long period
āĻĻীāĻāϞীāϝ়া āϏāĻŽāϝ়
(b) Short period
āĻāĻŽু āϏāĻŽāϝ়
(c) Market period
āĻŦāĻাā§°ā§° āĻŽ্āϝাāĻĻ
Answer: (a) Long period (āĻĻীāĻāϞীāϝ়া āϏāĻŽāϝ়)।
5. Market intervention through price support policy
āĻŽূāϞ্āϝ āϏāĻŽā§°্āĻĨāύ āύীāϤিā§° āĻā§°িāϝ়āϤে āĻŦāĻাā§°ā§° āĻšāϏ্āϤāĻ্āώেāĻĒ
(a) Raise production
āĻā§āĻĒাāĻĻāύ āĻŦৃāĻĻ্āϧি āĻā§°া
(b) Stabilises income of producers
āĻā§āĻĒাāĻĻāĻā§° āĻāĻĒাā§°্āĻāύ āϏ্āĻĨিā§° āĻā§°ে
(c) Both of them
āĻĻুāϝ়োāĻা
Answer: (c) Both of them (āĻĻুāϝ়োāĻা)।
Very Short Answer Type Questions
āĻ āϤি āĻāĻŽু āĻāϤ্āϤ⧰ āĻĒ্ā§°āĻাā§°ā§° āĻĒ্ā§°āĻļ্āύ
1. What is perfect competition?
āύিāĻুঁāϤ āĻĒ্ā§°āϤিāϝোāĻিāϤা āĻি?
Answer:
2. In the competitive market model which forces determine the price of a commodity?
āĻĒ্ā§°āϤিāϝোāĻিāϤাāĻŽূāϞāĻ āĻŦāĻাā§°ā§° āĻā§°্āĻšিāϤ āĻোāύāĻŦোā§° āĻļāĻ্āϤিāϝ়ে āϏাāĻŽāĻ্ā§°ীā§° āĻŽূāϞ্āϝ āύিā§°্āϧাā§°āĻŖ āĻā§°ে?
Answer:
3. If demand increases and supply decreases, how is the price affected?
āϝāĻĻি āĻাāĻšিāĻĻা āĻŦৃāĻĻ্āϧি āĻšāϝ় āĻā§°ু āϝোāĻাāύ āĻš্ā§°াāϏ āĻšāϝ়, āĻŽূāϞ্āϝ āĻেāύেāĻĻā§°ে āĻĒ্ā§°āĻাā§ąিāϤ āĻšāϝ়?
Answer:
4. What is market price?
āĻŦāĻাā§°ā§° āĻŽূāϞ্āϝ āĻিāĻŽাāύ?
Answer:
5. Define reserve price.
āϏংā§°āĻ্āώিāϤ āĻŽূāϞ্āϝ āύিā§°্āϧাā§°āĻŖ āĻā§°āĻ।
Answer:
6. What is normal price?
āϏ্āĻŦাāĻাā§ąিāĻ āĻŽূāϞ্āϝ āĻিāĻŽাāύ?
Answer:
7. How can the government intervene in the market?
āĻā§°āĻাā§°ে āĻŦāĻাā§°āϤ āĻেāύেāĻৈ āĻšāϏ্āϤāĻ্āώেāĻĒ āĻā§°িāĻŦ āĻĒাā§°ে?
Answer:
Short Answer Type Questions
āĻāĻŽু āĻāϤ্āϤ⧰āĻĒ্ā§°āĻাā§°ā§° āĻĒ্ā§°āĻļ্āύ
1. What are the features of perfect competition?
āύিāĻুঁāϤ āĻĒ্ā§°āϤিāϝোāĻিāϤাā§° āĻŦিāĻļেāώāϤ্āĻŦāĻŦোā§° āĻি?
Answer:
2. Distinguish between pure and perfect competition.
āĻŦিāĻļুāĻĻ্āϧ āĻā§°ু āύিāĻুঁāϤ āĻĒ্ā§°āϤিāϝোāĻিāϤাā§° āĻŽাāĻāϤ āĻĒাā§°্āĻĨāĻ্āϝ āĻā§°া।
Answer:
3. How is price determined in a perfectly competitive model?
āĻāĻা āϏāĻŽ্āĻĒূā§°্āĻŖ āĻĒ্ā§°āϤিāϝোāĻিāϤাāĻŽূāϞāĻ āĻā§°্āĻšিāϤ āĻŽূāϞ্āϝ āĻেāύেāĻĻā§°ে āύিā§°্āϧাā§°āĻŖ āĻā§°া āĻšāϝ়?
Answer:
4. How is market price determined?
āĻŦāĻাā§°āĻŽূāϞ্āϝ āĻেāύেāĻĻā§°ে āύিā§°্āϧাā§°āĻŖ āĻā§°া āĻšāϝ়?
Answer:
5. How is normal price determined?
āϏ্āĻŦাāĻাā§ąিāĻ āĻŽূāϞ্āϝ āĻেāύেāĻĻā§°ে āύিā§°্āϧাā§°āĻŖ āĻā§°া āĻšāϝ়?
Answer:
6. How can government intervene in the market through price control and rationing?
āĻŽূāϞ্āϝ āύিāϝ়āύ্āϤ্ā§°āĻŖ āĻā§°ু ā§°েāĻāύ⧰ āĻā§°িāϝ়āϤে āĻā§°āĻাā§°ে āĻŦāĻাā§°āϤ āĻেāύেāĻৈ āĻšāϏ্āϤāĻ্āώেāĻĒ āĻā§°িāĻŦ āĻĒাā§°ে?
Answer:
Long Answer Type Questions
āĻĻীāĻāϞীāϝ়া āĻāϤ্āϤ⧰⧰ āĻĒ্ā§°āĻļ্āύ
1. Is perfect competition realistic?
āύিāĻুঁāϤ āĻĒ্ā§°āϤিāϝোāĻিāϤা āĻŦাāϏ্āĻ¤ā§ąিāĻ āύেāĻি?
Answer:
2. Price is determined by the interaction between the forces of demand and supply. Explain.
āĻাāĻšিāĻĻা āĻā§°ু āϝোāĻাāύ āĻļāĻ্āϤিā§° āĻŽাāĻā§° āĻŦাā§°্āϤাāϞাāĻĒā§° āĻĻ্āĻŦাā§°া āĻŽূāϞ্āϝ āύিā§°্āϧাā§°āĻŖ āĻā§°া āĻšāϝ়। āĻŦ্āϝাāĻ্āϝা āĻā§°া।
Answer:
3. Explain the determination of market period for perishable and non-perishable commodities.
āĻĒāĻāύāĻļীāϞ āĻā§°ু āĻ -āĻĒāĻāύāĻļীāϞ āϏাāĻŽāĻ্ā§°ীā§° āĻŦাāĻŦে āĻŦāĻাā§°ā§° āĻŽ্āϝাāĻĻ āύিā§°্āϧাā§°āĻŖ āĻŦā§°্āĻŖāύা āĻā§°া।
Answer:
4. Distinguish between market price and normal price. On what factors does the normal prise depend?
āĻŦāĻাā§° āĻŽূāϞ্āϝ āĻā§°ু āϏ্āĻŦাāĻাā§ąিāĻ āĻŽূāϞ্āϝ⧰ āĻŽাāĻāϤ āĻĒাā§°্āĻĨāĻ্āϝ āĻā§°া। āϏ্āĻŦাāĻাā§ąিāĻ āĻĒ্ā§°িāĻ āĻি āĻাā§°āĻā§° āĻāĻĒā§°āϤ āύিā§°্āĻā§° āĻā§°ে?
Answer:
5. What is market intervention? How can the government intervene in the market through taxation?
āĻŦāĻাā§°ā§° āĻšāϏ্āϤāĻ্āώেāĻĒ āĻি? āĻā§°āĻাā§°ে āĻā§°ā§° āĻā§°িāϝ়āϤে āĻŦāĻাā§°āϤ āĻেāύেāĻৈ āĻšāϏ্āϤāĻ্āώেāĻĒ āĻā§°িāĻŦ āĻĒাā§°ে?
Answer:
Very Long Answer Type Questions
āĻ āϤি āĻĻীāĻāϞীāϝ়া āĻāϤ্āϤ⧰⧰ āĻĒ্ā§°āĻļ্āύ
1. Explain clearly the price determination in a perfectly competitive model.
āĻāĻা āϏāĻŽ্āĻĒূā§°্āĻŖ āĻĒ্ā§°āϤিāϝোāĻিāϤাāĻŽূāϞāĻ āĻā§°্āĻšিāϤ āĻŽূāϞ্āϝ āύিā§°্āϧাā§°āĻŖ āϏ্āĻĒāώ্āĻāĻাā§ąে āĻŦā§°্āĻŖāύা āĻā§°া।
Answer:
2. Explain the importance of time element in the theory of price.
āĻŽূāϞ্āϝ⧰ āϤāϤ্āϤ্āĻŦāϤ āϏāĻŽāϝ় āĻāĻĒাāĻĻাāύ⧰ āĻুā§°ুāϤ্āĻŦ āĻŦā§°্āĻŖāύা āĻā§°া।
Answer:
3. How are short period and long period prices determined?
āĻāĻŽ āϏāĻŽāϝ় āĻā§°ু āĻĻীāĻāϞীāϝ়া āĻŽ্āϝাāĻĻā§° āĻŽূāϞ্āϝ āĻেāύেāĻĻā§°ে āύিā§°্āϧাā§°āĻŖ āĻā§°া āĻšāϝ়?
Answer:
4. How do laws of returns influence long run normal price?
ā§°িāĻাā§°্āĻŖā§° āĻāĻāύে āĻĻীā§°্āĻāĻŽ্āϝাāĻĻী āϏ্āĻŦাāĻাā§ąিāĻ āĻŽূāϞ্āϝāĻ āĻেāύেāĻĻā§°ে āĻĒ্ā§°āĻাā§ąিāϤ āĻā§°ে?
Answer:
5. Analyse the impact of government interventions in the market through taxes, subsidies and price support.
āĻā§°, ā§°াāĻāϏাāĻšাāϝ্āϝ āĻā§°ু āĻŽূāϞ্āϝ āϏāĻŽā§°্āĻĨāύ⧰ āĻā§°িāϝ়āϤে āĻŦāĻাā§°āϤ āĻā§°āĻাā§°ী āĻšāϏ্āϤāĻ্āώেāĻĒā§° āĻĒ্ā§°āĻাā§ą āĻŦিāĻļ্āϞেāώāĻŖ āĻā§°া।
Answer:
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