CBSE Class 12 Economics Questions for Consumer Equilibrium and Demand

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CBSE Assignment  for Class XII Economics. Prepared by teachers of one of the best CBSE schools in Delhi. Based on CBSE and CCE guidelines. The students should practice these assignments to gain perfection which will help him to get more marks in CBSE examination.

UNIT 2

CONSUMER'S BEHAVIOUR &

THEORY OF DEMAND

VERY SHORT ANSWER TYPE QUESTIONS (1 MARK)

1. What is meant by utility?

2. How is Total utility derived from marginal utilities?

3. What is Law of Diminishing Marginal Utility?

4. What will be the behaviour of total utility when marginal utility is zero?

5. State condition of consumer's equilibrium in respect of one good.

6. Define consumers equilibrium.

7. What is meant by Marginal Rate of Substitution (MRS).

8. What is meant by budget set.

9. Define Indifference curve Map.

10. How is budget line defined?

11. Why does higher indifference curve give more satisfaction?

12. What is the impact of diminishing marginal rate of substitution on the slope of indifference curve?

13. Define monotonic preference.

14. How is market demand schedule derived with the help of individual demand schedules?

15. Define normal good.

16. How does availability of substitute good affect the elasticity of demand?

17. Demand of good ‘X’ falls due to increase in the income of the consumer what type of good ‘X’ is?

18. What will be the impact on demand of the good due to increase in price of the substitute good?

19. A rise in price of a good results in a decrease in expenditure of it. Is its demand elastic or inelastic?

20. What is meant by market demand?

21. Define demand schedule.

22. What cause an upward movement along a demand curve?

23. If the number of consumers increase, in which direction will the demand curve shift?

24. A straight line demand curve is given. What will be elasticity of demand on the mid point of this curve.

25. If the slope of a demand curve is parallel to X-axis, what will be the elasticity of demand?

26. Why is demand of water inelastic?

27. Define price elasticity of demand.


Please refer to attached file for CBSE Class 12 Economics Questions for Consumer Equilibrium and Demand

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