NCERT Books Class 12 Microeconomics Chapter 6- Non-Competitive Markets

Safalta Expert Published by: Noor Fatima Updated Fri, 22 Jul 2022 08:57 PM IST

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When you don't have access to a physical copy, digital NCERT Books Class 12 Microeconomics PDF are always useful.
 
NCERT Books Class 12 Microeconomics Chapter 6- Non-Competitive Markets is available here. You may find links to Class 12 Microeconomics Notes, NCERT Solutions, Important Questions, Practice Papers, and more after each chapter. Scroll down for crucial study materials on the Non-Competitive Markets from the NCERT Book Class 12 Microeconomics Book.

Here, you can learn the NCERT Books Class 12 Microeconomics Chapter 6- Non-Competitive Markets. Moreover, you can get the links for other chapters to download the links. 
 
Table of Content-
Topics Covered
Starting of the Chapter
Glimpses of the Chapter
PDF Link

Topics Covered in ' Non-Competitive Markets' are-

6.1 SIMPLE MONOPOLY IN THE COMMODITY MARKET
  • 6.1.1 Market Demand Curve is the Average Revenue Curve
  • 6.1.2 Total, Average and Marginal Revenues
  • 6.1.3 Marginal Revenue and Price Elasticity of Demand
  • 6.1.4 Short Run Equilibrium of the Monopoly Firm
6.2 OTHER NON-PERFECTLY COMPETITIVE MARKETS
  • 6.2.1 Monopolistic Competition
  • 6.2.2 How do Firms behave in Oligopoly?
 

'Non-Competitive Markets' Starts Like This-

We recall that perfect competition is a market structure where both consumers and firms are price takers. The behaviour of the firm in such circumstances was described in the Chapter 4. We discussed that the perfect competition market structure is approximated by a market satisfying the following conditions:

There exist a very large number of firms and consumers of the commodity, such that the output sold by each firm is negligibly small as compared to the total output of all the firms combined, and similarly, the amount purchased by each consumer is extremely small in comparison to the quantity purchased by all consumers together.
  1. Firms are free to start producing the commodity or to stop production; i.e., entry and exit is free
  2. The output produced by each firm in the industry is indistinguishable from the others and the output of any other industry cannot substitute this output
  3. Consumers and firms have perfect knowledge of the output, inputs and their prices.
In this chapter, we shall discuss situations where one or more of these conditions are not satisfied. If assumption (ii) is dropped, and it becomes difficult for firms to enter a market, then a market may not have many firms. In the extreme case a market may have only one firm. Such a market, where there is one firm and many buyers is called a monopoly. A market that has a small number of large firms is called an oligopoly. Notice that dropping assumption (ii) leads to dropping assumption (i) as well. Similarly, dropping the assumption that goods produced by a firm are indistinguishable from those of other firms (assumption iii) implies that goods produced by firms are close substitutes, but not perfect substitutes for each other. Such markets, where assumptions (i) and (ii) may hold, but (iii) does not hold are called markets with monopolistic competition. This chapter examines the market structures of monopoly, monopolistic competition and oligopoly.

6.1 SIMPLE MONOPOLY IN THE COMMODITY MARKET

A market structure in which there is a single seller is called monopoly. The conditions hidden in this single line definition, however, need to be explicitly stated. A monopoly market structure requires that there is a single producer of a particular commodity; no other commodity works as a substitute for this commodity; and for this situation to persist over time, sufficient restrictions are required to be in place to prevent any other firm from entering the market and to start selling the commodity. 

In order to examine the difference in the equilibrium resulting from a monopoly in the commodity market as compared to other market structures, we also need to assume that all other markets remain perfectly competitive. In particular, we need (i) All the consumers are price takers; and (ii) that the markets of the inputs used in the production of this commodity are perfectly competitive both from the supply and demand side. 

If all the above conditions are satisfied, then we define the situation as one of monopoly in a single commodity market. 

Glimpses of the Chapter are-

 
 












NCERT Books Class 12 Microeconomics Chapter 6- Non-Competitive Markets- PDF Download

Microeconomics Chapter 6- Non-Competitive Markets

Where can you download ‘Non-Competitive Markets' PDF?

Candidates can download NCERT Books Class 12 Microeconomics Chapter 6- Non-Competitive Markets PDF for free on our page. Links are given below.

Microeconomics Chapter 6- Non-Competitive Markets

What topics are covered in ‘Non-Competitive Markets’ Chapter?

6.1 SIMPLE MONOPOLY IN THE COMMODITY MARKET
  • 6.1.1 Market Demand Curve is the Average Revenue Curve
  • 6.1.2 Total, Average and Marginal Revenues
  • 6.1.3 Marginal Revenue and Price Elasticity of Demand
  • 6.1.4 Short Run Equilibrium of the Monopoly Firm
6.2 OTHER NON-PERFECTLY COMPETITIVE MARKETS
  • 6.2.1 Monopolistic Competition
  • 6.2.2 How do Firms behave in Oligopoly?

 

Are the CBSE Books for Class 12 Microeconomics significant for board exams?

For higher courses and board exams, the chapters in the CBSE Books for Class 12 Microeconomics are essential. For Class 12 Microeconomics, students should read the chapter provided in the CBSE books. These examples and drill questions can help you get high marks.
 
We offer practice test questions to assist you sharpen your exam preparations and earn top grades. E-books can also be downloaded if you want to prepare even more thoroughly.

Is NCERT enough for Microeconomics Class 12?

Yes, these are. The book can also assist in dispelling uncertainties. Studying from the NCERT Book for Class 12 Microeconomics also has the following advantages:
  • The NCERT Books Class 12 Microeconomics provides students with in-depth knowledge of Economics.
  • The course books include illustrations that might aid students in comprehending the chapters.
  • These books can aid learners in independent study

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