BCOG-171 · December 2022 · English
IGNOU BCOG-171 December 2022 Previous Year Question Paper
Principles Of Micro Economics
Structured previous year question paper for BCOG-171, December 2022 session.
Max marks: 100 · Questions: 8
Verified: 29 Jul 2026
BACHELOR OF COMMERCE (GENERAL)
(B.Com.
(G)) (CBCS)
Term-End Examination
December, 2022
BCOG-171:PRINCIPLES OF MICRO ECONOMICS
Time : 3 hours Maximum Marks : 100
Note: Attempt any five questions. All questions carry
equal marks.
Q1.What do you understand by Factors of Production ? Explain each of the four main factors in detail.
Q2.(a) Explain the exceptions to the Law of Demand using the distinction between substitution and income effects. 10
(b) What are the various applications of Law of Demand ? Explain.
Q3.What are the various determinants of price elasticity of demand ? Explain the importance of price elasticity of demand.
Q4.Explain the Law of Supply. What is the difference between the concept of ‘Stock’ and ‘Supply’ ?
Q5.(a) Explain the concept of Consumer’s Surplus. What are its limitations ? 10
(b) What are the assumptions of Indifference Curves Approach ?
Q6.Explain the concept of Monopoly. Discuss a case for and against monopoly. Also explain price discrimination under monopoly.
Q7.What do you mean by Oligopoly ? Explain the characteristics and various kinds of oligopoly.
Q8.Write short notes on any four of the following : 4x5=20
(a) Positive versus Normative Economics
(b) Law of Equimarginal Utility
(c) IS-LM Curve
(d) Determination of a Factor
(e) Non-Competitive Wages