Mr Parmeshwar B Gore, Ph.D.

Q.1 a.  ( Module no. II ) 9) Monopolistic   Competition : The market in which many sellers selling different varieties of a product or a few sellers dominating  marker for either differentiated products or commodities 10)   Production cost : It refers to the total expenses incurred to produce goods and services. They are in the form of form of rent, wages and salaries, interest and normal profit. 11)   Selling Cost : Selling costs are incurred in market other than perfect competitive market. It aims at  promoting a commodity against its rival and it is done for promoting the sell. 12)   Excess   Capacity : Is the unused capacity of the difference between actual and optimum output. 13) Oligopoly : Is a market form in which there are few sellers of homogeneous or differentiated product 14)   Pure   Oligopoly : Is a market form in which there are few sellers of homogeneous 15)   Collusive   Oligopoly : it occurs when the firm work together to reduce uncer

Q. 1 a)     Define the Following                                                                                               10 Marks                                         ( Module no. I ) 1)   Market : Market is usually understood as a place where sellers (producers) and buyers meet                                for settling a transaction.                 Market is also defined as a group of firms and individuals that are in touch with each other                    in order to buy or sell some good 2)    Prefect Competition : Is a market situation which consists of following characteristics i.e.             large number of   sellers and buyers, Homogeneous commodities, free entry and exit,             complete market information to buyers and sellers, perfect mobility of factor of production,             no transport cost . 3)   Pure competition : Is a market situation which consists of following characteristics, large              number of   seller