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DRIVE SUMMER 2014
PROGRAM- MBADS/ MBAFLEX/ MBAHCSN3/ MBAN2/ PGDBAN2
SEMESTER- 1
SUBJECT CODE & NAME- MB0042- MANAGERIAL ECONOMICS
BK ID- B1625
Q1. Define the term Business Cycle and also explain the phases of business or trade cycle in brief.
[Definition of Business cycle, Explanation of Phases of business cycle]
Answer:
Business cycle
The term business cycle refers to a wave-like fluctuation in the overall level of economic activity;
particularly in national output, income, employment, and prices that occur in a more or less regular time
sequence. It is the rhythmic fluctuations in the aggregate level of economic activity of a nation.
Q2. Monopoly is the situation there exists a single control over the market producing a commodity
having no substitutes with no possibilities for anyone to enter the industry to compete. In that
situation, they will not charge a uniform price for all the customers in the market and also the
pricing policy followed in that situation. (Define Monopoly, Features of Monopoly, Kinds of Price
Discrimination) 2, 4, 4
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Answer:
Monopoly
Monopoly means existence of a single seller in the market. Monopoly is that market form in which a
single producer controls the whole supply of a single commodity which has no close substitutes.
Monopoly may be defined, as a condition of production in which a single firm has the power to fix the
price of the commodity or the output of the commodity.
Q3. Fiscal policy is a package of economic measures of the government regarding public
expenditure, public revenue, public debt or borrowings. It is very important since it refers to the
budgetary policy of the government. (Definition of Fiscal policy, Explanation of Instruments of
Fiscal Policy) 2, 8
Answer:
Fiscal Policy
Fiscal policy is a package of economic measures of the Government regarding public expenditure, public
revenue, public debt or public borrowings. It concerns itself with the aggregate effects of government
expenditure and taxation on income, production and employment. In short, it refers to the budgetary
policy of the government.
Q4. Explain the various methods of forecasting demand. [Define forecasting, Explanation of
forecasting methods]
Answer:
Methods of forecasting demand
Demand forecasting seeks to investigate and measure the forces that determine sales for existing and new
products. Generally companies plan their business - production or sales in anticipation of future demand.
Hence, forecasting future demand becomes important. The art of successful business lies in avoiding or
minimizing the risks involved as far as possible and facing the uncertainties in a most befitting manner.
Thus, demand forecasting refers to an estimation of most likely future demand for a product, under given
conditions.
Q5. Define monopolistic competition and explain its characteristics.
[Definition of monopolistic competition, Explanation of its characteristics]
Answer:
Monopolistic Competition
Perfect competition and monopoly are two extreme forms of market situations, rarely to be found in the
real world. Generally, markets are imperfect.
Prof. Chamberlin is the main architect of the theory of Monopolistic Competition. This market exhibits
Q6. When should a firm in perfectly competitive market shut down its operation
[Define perfect competition, Explanation about the reason for the firm’s shut down in perfect
competition]
Answer:
Perfect Competition
Perfect competition is a comprehensive term which includes pure competition too. Before we discuss the
details of perfect competition, it is necessary to have a clear idea regarding the nature and characteristics
of pure competition.
Pure Competition is a part of perfect competition. Competition in the market is said to be pure when the
following conditions are satisfied:
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