F.Y.B.COM Concepts Sem. II Module II

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 uncertainty in the market. Firms may become involved in price fixing or cartel formation.

16) Non Collusive: This has following features such as a few large firm, entry barriers, non price           competition, product branding and differentiation and interdependence in decision making.

17) Kinky demand curve: Kinky demand curve is a curve with upper part more elastic and lower part less elastic or inelastic. 

18) Rigid Price: Price charged by a oligopolist is expected to cover full cost and also bring excess profit if possible. The price thus charged remains the same without further change.

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