NCERT Solutions for Class 12 Micro Economics Market Equilibrium with Simple Applications

NCERT Solutions for Class 12 Micro Economics Market Equilibrium with Simple Applications

NCERT Solutions for Class 12 Micro Economics Market Equilibrium with Simple Applications is designed and prepared by the best teachers across India. All the important topics are covered in the exercises and each answer comes with a detailed explanation to help students understand concepts better. These NCERT solutions play a crucial role in your preparation for all exams conducted by the CBSE, including the JEE.

NCERT TEXTBOOK QUESTIONS SOLVED

1. Define market equilibrium. [CBSE Foreign 2011]

Ans. Market equilibrium refers to the situation when market demand is equal to the market supply.

2. Give the meaning of equilibrium price. [CBSE, Sample Paper 2010]

Ans. The price at which equilibrium is reached is called equilibrium price.

3. Give the meaning of equilibrium quantity.

Ans. The quantity bought and sold at the equilibrium price is called equilibrium quantity.

4. What is equilibrium point?

Ans. Equilibrium point is the point of intersection of the demand curve and supply of commodity.

5. When do you say there is excess demand for a commodity in the market?

Ans. When Market price is below the equilibrium price, then at that given price, demand is greater than supply that leads to excess demand.

6. When do you say there is excess supply for a commodity in the market?

Ans. When market price is above the equilibrium price, then at that given price, demand is lesser than supply, that leads to excess supply.

7. For a non-viable industry where does the supply curve lie relative to demand curve?

Ans. Supply curve lies above the demand curve.

8. A severe drought results in a drastic fall in the output of wheat. Analyse how will it affect the market price of wheat?

Ans. Market price of wheat will increase (due to decrease in supply).

9. What happens to equilibrium price of a commodity if there is 'decrease' in its demand and 'increase' in its supply? [CBSE Sample Paper 2008]

Ans. Equilibrium price will fall.

10. What happens to equilibrium price of a commodity if there is an 'increase' in its demand and 'decrease' in its supply? [CBSE Sample Paper 2010]

Ans. Equilibrium price will increase.

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