GU BA 4th Sem Intermediate Microeconomics II fully solved question paper analysis.

Here we discussed the very short question of Intermediate Microeconomics II last year (2022) question paper..
#intermediate_microeconomics
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#2022
What is social indifference curve?
A social indifference curve is a graphical representation that shows the various combinations of two goods that a society can consume while remaining indifferent, or equally satisfied, with each combination. The social indifference curve is constructed by combining the individual indifference curves of each member of society.
Define property right
A property right is a legal right that allows an individual or entity to exercise exclusive control over a resource or asset.
What is monopoly power?
Monopoly power refers to the ability of a single firm or a group of firms to control the price or supply of a particular good or service in a market.
What is product differentiation
Product differentiation refers to the process by which firms distinguish their products or services from those of their competitors in the eyes of consumers. This can be achieved through various means, such as offering unique features, quality, design, packaging, branding, or marketing.
Define saddle point
In game theory, a saddle point is a situation in which the optimal strategy for one player is also the optimal strategy for their opponent. In other words, a saddle point is a point in a game matrix where the minimum value in a row is equal to the maximum value in a column.
What is payoff matrix
A payoff matrix is a table used in game theory to represent the possible outcomes of a strategic interaction between two or more players. It shows the payoffs or rewards that each player receives for choosing a particular strategy, given the choices made by the other players.
In which type of market we get asymmetric information?
The insurance market and the used car market.
Give an example of positive externality.
What is first degree price discrimination?
What is the basic difference between oligopoly and duopoly?
The key difference between duopoly vs oligopoly is the number of firms involved, with duopolies having exactly two firms and oligopolies having more than two firms.
What is shutdown point?
The shutdown point is the minimum point of the average variable cost curve (AVC) where the revenue generated from producing a unit of output is not enough to cover the variable costs of producing that unit.
Define cartels.
Cartels refer to a group of businesses or organizations that come together to control and monopolize a particular market or industry, with the aim of increasing their profits and minimizing competition.
What is exclusivity?
Exclusivity refers to the ability of a particular firm or individual to control the distribution, production or sale of a particular good or service.
Write one difference between private goods and public goods.
Private Goods are products that are excludable and rival. Public goods describe products that are non-excludable and non-rival.
State Bertrand's model of oligopoly.
The Bertrand model is a classic model of oligopoly that considers a market with two firms, each producing a homogenous good and competing on price. In this model, the firms assume that they can sell as much as they want at the market price, and they set their prices simultaneously.

[@nngogoi1681]

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[@aniruddhaghosh.2774]

Nice explanation 👌