Producer Behaviour and Supply-Supply (CBSE Class-12 Economics): Questions 34 - 39 of 39

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Question number: 34

» Producer Behaviour and Supply » Supply » Supply Curve

Essay Question▾

Describe in Detail

Explain the effect of fall in prices of other goods on the supply of a given good

Explanation

A change in price of other goods can increase and decrease the supply of one good. The other good can be of two types either substitute or complementary:

(1) Substitute Goods: - Substitute goods are those goods which can be used as substitutes of each other. For example tea and… (57 more words) …

Question number: 35

» Producer Behaviour and Supply » Supply » Market Supply

Short Answer Question▾

Write in Short

What is ‘market supply’?

Question number: 36

» Producer Behaviour and Supply » Supply » Elasticity of Supply

Essay Question▾

Describe in Detail

Distinguish between elastic and inelastic supply

Explanation

Characteristics

Elastic Supply

Inelastic Supply

Definition

Elastic supply means increase in price causes a greater percent increase in supply.

Inelastic supply. This means that an increase in price causes a less percent increase in supply. It has a price elasticity of supply of less than 1.

How many price elasticity?… (37 more words) …

Question number: 37

» Producer Behaviour and Supply » Supply » Determinants of Supply

Short Answer Question▾

Write in Short

Define ‘aggregate supply’

Question number: 38

» Producer Behaviour and Supply » Supply » Elasticity of Supply

Essay Question▾

Describe in Detail

Distinguish between perfectly elastic and perfectly inelastic supply.

Explanation

Characteristics

perfectly elastic supply

perfectly inelastic supply

Definition

Perfectly elastic supply occurs if any decrease in product price.

Perfectly inelastic demand occurs when buyers have no choice in the consumption of a good.

What affected?

Perfectly elastic means that quantity supplied is affected by any change in price.

Perfectly inelastic… (76 more words) …

Question number: 39

» Producer Behaviour and Supply » Supply » Supply Schedule

Short Answer Question▾

Write in Short

Give meaning of Supply

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