Economic major 3rd sem paper 5


UNIT-I: Perfect Competition and Analysis of Competitive Markets

"Explain the conditions necessary for a market to be perfectly competitive. How does the 'price-taking' behavior of firms arise, and what are its implications for market outcomes?" (Focuses on fundamental understanding and implications)

"Analyze the short-run and long-run profit maximization decisions of a firm under perfect competition. How do changes in market demand or cost structures affect the firm's optimal output and profits?" (Focuses on both short-run and long-run dynamics)

"Discuss the derivation of the short-run and long-run supply curves of a perfectly competitive industry. How do factors such as technology, input prices, and the number of firms influence the industry supply?" (Focuses on supply side and its determinants)

"Explain the concepts of constant, increasing, and decreasing cost industries. How do these cost structures impact the long-run equilibrium and efficiency of a perfectly competitive market?" (Focuses on industry-level analysis)

"Analyze the effects of government interventions, such as taxes or subsidies, on the equilibrium price, quantity, and welfare in a perfectly competitive market. Discuss the incidence of these interventions and their potential distortions." (Focuses on policy implications)

UNIT-II: Market with Power - Monopoly and Monopsony

"Discuss the sources of monopoly power and their implications for market outcomes. How does a monopolist determine its profit-maximizing price and output, and what are the resulting inefficiencies?" (Focuses on monopoly fundamentals and its consequences)

"Explain the concept of price discrimination and its various forms (first, second, and third degree). Under what conditions is price discrimination feasible, and what are its welfare implications?" (Focuses on price discrimination and its effects)

"Analyze the social costs of monopoly, including deadweight loss and rent-seeking behavior. How do these costs compare to the outcomes in a perfectly competitive market?" (Focuses on welfare analysis)

"Discuss the concept of monopsony and its impact on factor markets. How does a monopsonist's behavior differ from that of a firm in a competitive factor market, and what are the resulting inefficiencies?" (Focuses on monopsony market and its implications)

"Compare and contrast monopoly and monopsony, including their effects on price, output, and welfare. Discuss the concept of bilateral monopoly and its potential outcomes." (Focuses on comparative analysis)

UNIT-III: Market with Power - Monopolistic Competition and Oligopoly

"Explain the characteristics of monopolistic competition and its implications for firm behavior. How does the equilibrium in monopolistic competition differ from that in perfect competition and monopoly?" (Focuses on monopolistic competition fundamentals)

"Analyze the economic efficiency of monopolistic competition, including its allocative and productive efficiency. Discuss the role of product differentiation and advertising in this market structure." (Focuses on efficiency and product differentiation)

"Discuss the Cournot and Bertrand models of oligopoly, including their assumptions and predictions. How do these models explain price and output determination in an oligopolistic market?" (Focuses on oligopoly models)

"Explain the concepts of competition and collusion in an oligopolistic market. What factors facilitate or hinder collusion, and what are the implications for market outcomes?" (Focuses on strategic behavior)

"Analyze the role of game theory in understanding strategic interactions in oligopolistic markets. Discuss the concept of Nash equilibrium and its relevance to oligopoly behavior." (Focuses on game theory and oligopoly)

UNIT-IV: Factor Market Analysis and Welfare Economics

"Explain the concept of derived demand and its application to factor markets. How do changes in product demand and technology affect the demand for factor inputs?" (Focuses on derived demand)

"Discuss the determination of price and employment of factor inputs in a competitive factor market. How does the value of marginal product (VMP) influence factor demand, and how does the factor supply curve affect equilibrium?" (Focuses on competitive factor markets)

"Analyze the concept of Pareto optimality and its application to competitive markets. What are the conditions necessary for a competitive market to achieve Pareto optimality, and what are its limitations?" (Focuses on Pareto optimality)

"Explain the problem of aggregating individual preferences into a social welfare function. What are the challenges in designing a social choice mechanism that reflects the preferences of all individuals?" (Focuses on social welfare functions)

"Discuss the concept of market failure and its various sources, including externalities, public goods, and asymmetric information. How can government intervention address these failures and improve social welfare?" (Focuses on market failure and g

overnment intervention)

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