Consumer's Equilibrium and Demand-Demand (CBSE (Central Board of Secondary Education- Board Exam) Class-12 Economics): Questions 58 - 62 of 62

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Question number: 58

» Consumer's Equilibrium and Demand » Demand » Determinants of Demand

Essay Question▾

Describe in Detail

Give three sources each of demand and supply of foreign exchange.

Explanation

In that foreign exchange is required for purchasing goods and services from abroad and purchase assets from abroad. The supply of foreign exchange is related to sales of goods and services and export.

The supply of foreign exchange of a given country stems from the sale of foreign services and capital to that country. When foreigners want to bu

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Question number: 59

» Consumer's Equilibrium and Demand » Demand » Determinants of Demand

Essay Question▾

Describe in Detail

What is meant by ‘excess demand’ for a good? Explain the changes which will bring about equilibrium price.

Explanation

Excess of quantity demanded of good or service on given price. Excess demand appears in a market when the quantity demanded by the buyers exceeds the quantity supplied by the sellers.

Equilibrium price and quantity are determined by the intersection of supply and demand. If change in supply, demand and both will necessarily change the equilibri

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Question number: 60

» Consumer's Equilibrium and Demand » Demand » Market Demand

Essay Question▾

Describe in Detail

Explain the problem of ‘excess demand’ in an economy with the help of a diagram. Explain the role of bank rate in correcting it.

Explanation

Excess demand is generated when economy is operating its full employment. Some problem occur in excess demand when aggregate demand is greater than aggregate supply to full employment level.

Increase in prices and in employment and output generate economic problems. In that situation of excess demand is not in the interest of economy. Excess de

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Question number: 61

» Consumer's Equilibrium and Demand » Demand » Market Demand

Essay Question▾

Describe in Detail

Distinguish between: Individual demand and market demand

Explanation

Distinguish between Individual demand and market demand

In detail given Distinguish between Individual demand and market demand

Characteristics

Individual demand

market demand

Definition

Individual demand means the demand of one individual.

Market demand means the demand of all individuals in a market.

What it represent?

It represents the quantity of a good that a single consumer wants to buy

It represents the aggregate of all individuals demand.

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Question number: 62

» Consumer's Equilibrium and Demand » Demand » Market Demand

Essay Question▾

Describe in Detail

Distinguish between: ‘Change in demand’ and ‘change in quantity demanded’

Explanation

Distinguish between Change in demand and change in quantity demanded

In detail given Distinguish between Change in demand and change in quantity demanded

Characteristics

Change in demand

Change in quantity demanded

Definition

The demand curve is usually downward sloping and is explained by the law of demand.

The quantity demanded increases as price for the product decreases, and quantity demand decreases as price increases it is explained by law of demand.

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