Mumbai University Solved Question Papers
Economics
Previous Year Question Paper with Solution
BLS LLB 5 Years · Sem 1
2023-24 - ATKT 60/40 Examination
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BLS LLB 5 Years Sem 1 Economics 2023-24 - ATKT 60/40 Question Paper with Solutions
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First published on munotes.in on 9 August 2026.
This edition revised 10 August 2026.
Published by munotes.in, Mumbai.
Model answers written and edited by the munotes.in editorial desk.
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The University does not publish an official answer key for this paper. The answers in this volume are model answers, written to show how a full-mark answer is built. They are a study aid, not an authority on what an examiner marked.
The question paper reproduced here is the paper as set by the University of Mumbai at the 2023-24 - ATKT 60/40 examination.
Contents
The questions below are the paper as the University of Mumbai set it at the 2023-24 - ATKT 60/40 examination, in the order it was set.
MarksPage
MarksPage
The Paper as Set
The questions in this volume are the questions asked at the 2023-24 - ATKT 60/40 examination, reproduced as the University of Mumbai set them, in the order it set them. Nothing has been reworded, added or left out. Only the answers are ours. See the original question paper.
Duration 2 hours · Total marks 60 · 22 questions answered
How to use this volume
Solve the paper first, under exam conditions and against the clock. Then read the answers here and mark your own. Reading a solution before attempting the question feels productive and teaches very little, because recognising an answer is not the same as being able to write one.
SECTION I
Answer the following in one or two sentences
Any 6 out of 10 · 12 Marks
1.Give two features of monopoly form of market.[2]
Answer
Monopoly is a market in which there is a single seller of a commodity that has no close substitutes.
Two of its features:
- Single seller and many buyers. One firm constitutes the whole industry, so the firm's demand curve is the industry's demand curve.
- Strong barriers to entry. New firms cannot enter, because of a patent, a licence, control of a raw material, a statutory monopoly or the economies of a natural monopoly.
Two further features: the monopolist is a price maker, able to fix either the price or the quantity but not both; and there are no close substitutes, so cross elasticity of demand for the product is very low.
Example: Indian Railways in long-distance rail transport.
The rest of the answers
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