Chapter 6 Q1. What is land and it’s Features? Ans. Land: By land we does not means only the surface of the earth only. Land is a wider concept in economics, land means everything which is available for humans as a free gift of nature. Land means all the things which are available free from nature. Features: 1. Free Gift of nature: Land is the free gift of nature which is provided to the man kind. Land is not created with human efforts. 2. Passive Factor of Production: ...
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Chapter 5 Q1. What is perfect competition and its features? Ans: Perfect Competition: A perfect competition is a market where there are large number of buyers and sellers selling homogenous product. This shows that the quantity produced by the seller in very small. Features: 1. Large number of buyers: In perfect competition there are large number of buyer buying the similar product. So a single buyer cannot influence the price in the market as it is a small part of...
Chapter 4 Q1. What is Individual Supply and Market Supply? Ans: Individual Supply Schedule: It means tabular presentation of the supply made by an individual seller in the market at a given period of time and at a given price. For e.g. Price Quantity Supplied 10 20 20 30 30 40 40 50 50 60 In the above schedule it can be clearly observed that when the price was 10 quantity supplied was 20 units but when price rises to 50 the quantity supplied rises to 60 units. Market Supply: ...