NCERT Solutions for Class 12 Micro Economics Supply

NCERT Solutions for Class 12 Micro Economics Supply

NCERT Solutions for Class 12 Micro Economics Supply 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

Ans. Supply refers to the quantity of a commodity that a firm is willing and able to offer for sale, at each possible price during a given period of time.

Ans. Market supply refers to the quantity of a commodity that all firms are willing and able to offer for sale at each possible price during a given period of time.

Ans. (i) Nature of commodity;
(ii) Time period.

Ans. Supply will increase.

Ans. Supply curve is a positively shaped upward sloping curve.

Ans. It states that price of the commodity and quantity supplied are positively related to each other when other factors remain constant (ceteris paribus).

Ans. Change (increase or decrease) in price causes a movement along the supply curve.

Ans. Fall in price and fall in quantity supplied, i.e., contraction in supply.

Ans. Rise in price and rise in quantity supplied, i.e., expansion in supply.

Ans. The degree of responsiveness of supply to the changes in price of the commodity is known as Price Elasticity of Supply.

Ans. Perfectly inelastic supply (ES = 0).

Ans. Unitary elastic (ES = 1).

Ans.The supply of a commodity is called 'elastic' when the percentage change in quantity supplied is more than percentage change in price, then ES > 1 and the result is known as more than unit elastic supply.

Ans. When PES = 0.8, PES is inelastic because percentage change in quantity supplied is less than percentage change in price.

Ans. When quantity supplied changes and price remains constant, then the supply of such commodity is said to be perfectly elastic.

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