CBSE Class 12 Economics Solved Question Paper 2014

Short Answer Type

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What is perfect oligopoly?

Perfect oligopoly is the form of oligopoly in which each firm produces homogeneous products. Here all products are perfectly substitutable. So, it can be also called as pure oligopoly. For example, cement industry or chemical industry.

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    Define budget set.

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    Give meaning of 'returns to a factor.'

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    What is the behaviour of average fixed cost as output is increased? Why is it so?

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    What is meant by revenue in micro-economics?

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    State the relation between marginal revenue and average revenue.


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    A consumer buys 18 units of a good at a price of Rs. 9 per unit. The price elasticity of demand for the good is (−) 1. How many units the consumer will buy at a price of Rs. 10 per unit? Calculate.

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    Explain the central problem 'for whom to produce.'

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    Unemployment is reduced due to the measures taken by the government. State its economic value in the context of production possibilities frontier.

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    State the relation between total cost and marginal cost.

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