NCERT Solutions Class 12 Economics Market Equilibrium with Simple Applications

NCERT Solutions Class 12 Economics Market Equilibrium with Simple Applications. NCERT book for Economics in class 12 is strongly recommened by teachers and the CBSE and NCERT boards. Please download the NCERT solutions for class 12 Economics free in PDF made by teachers of the best schools in India. These solutions are carefully compiled to give detailed understanding of the concepts and also steps of solutions. The NCERT solutions are free to download in pdf format. Please refer to the download link below to download the pdf file and also refer to other chapters and subjects to get the solutions to Economics NCERT book questions and exercises.

Question 1. Explain market equilibrium.
Answer: Market equilibrium refers to the situation when market demand is equal to the market supply.

Question 2. What will happen if the price prevailing in the market is
(i) Above the equilibrium price?
(ii) Below the equilibrium price?
How price and quantity are determined in the market when number of firms are fixed? Or
How is equilibrium price of a commodity determined? (Use diagram).
[CBSE 2004C; AI 07, 09]

Explain why equilibrium price is determined at the level of output at which its demand is equal to its supply. [CBSE 2010C]
How will equilibrium price be reached when there is excess demand/excess supply? Explain with diagram. [CBSE 2004, 07; AI 2004]

With the help of a suitable diagram, explain the process of determination of equilibrium price of a commodity under perfectly competitive market. [CBSE Sample Paper 2003]

Market for a good is in equilibrium. Explain the chain of reactions in the market if the price is
(i) higher than equilibrium price and
(ii) lower than equilibrium price. [AI 2012]

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