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

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

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

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

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

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

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

Ans. Supply curve lies above the demand curve.

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

Ans. Equilibrium price will fall.

Ans. Equilibrium price will increase.

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