Business Awareness Questions

A monopoly is a market that has a single seller of a unique product in the market. He does not have any competition in the market as he has no substitute product for the product he is selling.

A monopoly firm has no well-defined supply curve. In other words, there is no unique supply curve for the monopolist derived from his MC curve.

Equivalent units of production are equal to number of whole units that could have been completed if all work of the period had been used to produce whole units.

The raise in the price of a product may be due to increase in cost of production, increase in the demand of the product and increase in the margin.

When the price of a product increases its demand may fall as per the Law of Demand and an increase in the competition.

In continuance of the several initiatives under taken by Pension Fund Regulatory and Development Authority (PFRDA) during the last few years to increase the pension coverage in the country, PFRDA has now increased the maximum age of joining under NPS-Private Sector (i.e. All Citizen and Corporate Model) from the existing 60 years to 65 years of age.

Now, any Indian Citizen, resident or non-resident, between the age of 60-65 years, can also join NPS and continue up to the age of 70 years in NPS. With this increase of joining age, the subscribers who are willing to join NPS at the later stage of life will be able to avail the benefits of NPS.