{"id":5169,"date":"2016-05-20T11:49:00","date_gmt":"2016-05-20T06:19:00","guid":{"rendered":"http:\/\/mycbseguide.com\/blog\/ncert-solutions-class-12-eco-micro-05-market-equilibrium\/"},"modified":"2018-10-22T15:32:09","modified_gmt":"2018-10-22T10:02:09","slug":"ncert-solutions-class-12-economics-market-equilibrium","status":"publish","type":"post","link":"https:\/\/mycbseguide.com\/blog\/ncert-solutions-class-12-economics-market-equilibrium\/","title":{"rendered":"NCERT Solutions class 12 Economics Market Equilibrium"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_76 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/mycbseguide.com\/blog\/ncert-solutions-class-12-economics-market-equilibrium\/#Microeconomics\" >Microeconomics<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/mycbseguide.com\/blog\/ncert-solutions-class-12-economics-market-equilibrium\/#Macroeconomics\" >Macroeconomics<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/mycbseguide.com\/blog\/ncert-solutions-class-12-economics-market-equilibrium\/#CHAPTER_Five_Market_Competition\" >CHAPTER Five\u00a0Market Competition<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/mycbseguide.com\/blog\/ncert-solutions-class-12-economics-market-equilibrium\/#NCERT_Solutions_class_12_Economics_Market_Equilibrium\" >NCERT Solutions class 12 Economics Market Equilibrium<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/mycbseguide.com\/blog\/ncert-solutions-class-12-economics-market-equilibrium\/#NCERT_Solutions_for_Class_12_Economics\" >NCERT Solutions for Class 12 Economics<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/mycbseguide.com\/blog\/ncert-solutions-class-12-economics-market-equilibrium\/#CBSE_App_for_Students\" >CBSE App for Students<\/a><\/li><\/ul><\/nav><\/div>\n<p>NCERT Solutions class 12 Economics Market Equilibrium Class 12 Economics book solutions are available in PDF format for free download. These ncert book chapter wise questions and answers are very helpful for CBSE board exam. CBSE recommends NCERT books and most of the questions in CBSE exam are asked from NCERT text books. Class 12 Economics chapter wise NCERT solution for Economics part 1 and Economics part 2 for all the chapters can be downloaded from our website and myCBSEguide mobile app for free.<\/p>\n<p><strong>Download\u00a0<a href=\"https:\/\/mycbseguide.com\/downloads\/cbse-class-12-economics\/1327\/ncert-solutions\/5\/\">NCERT solutions for\u00a0 Market Equilibrium\u00a0<\/a>\u00a0as PDF.<\/strong><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignright\" src=\"https:\/\/media-mycbseguide.s3.ap-south-1.amazonaws.com\/images\/blog\/12%20Economics%20Book%20pic.jpg\" alt=\"NCERT Solutions class 12 Economics Micro Introduction\" width=\"131\" height=\"171\" \/><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Microeconomics\"><\/span><strong>Microeconomics<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Introduction<\/li>\n<li>Theory o Consumer Behavior<\/li>\n<li>Production and Costs<\/li>\n<li>Theory of Firm Under Perfect Competition<\/li>\n<li>Market Competition<\/li>\n<li>Non Competitive Markets<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Macroeconomics\"><\/span><strong>Macroeconomics<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Introduction<\/li>\n<li>National Income Accounting<\/li>\n<li>Money and Banking<\/li>\n<li>Income Determination<\/li>\n<li>Government Budget and Economy<\/li>\n<li>Open Economy Macroeconomics<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"CHAPTER_Five_Market_Competition\"><\/span><strong>CHAPTER Five\u00a0<\/strong><strong>Market Competition<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ol>\n<li>Equilibrium, Excess Demand, Excess Supply\n<ol>\n<li>Market Equilibrium: Fixed Number of Firms<\/li>\n<li>Market Equilibrium: Free Entry and Exit<\/li>\n<\/ol>\n<\/li>\n<li>Applications\n<ol>\n<li>Price Ceiling<\/li>\n<li>Price Floor<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<h2><span class=\"ez-toc-section\" id=\"NCERT_Solutions_class_12_Economics_Market_Equilibrium\"><\/span><strong>NCERT Solutions class 12 Economics Market Equilibrium<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\">1. Explain market equilibrium.<\/p>\n<p style=\"text-align: justify;\">2. When do we say that there is an excess demand for a commodity in the market?<\/p>\n<p>3. When do we say that there is an excess supply for a commodity in the market?<\/p>\n<p style=\"text-align: justify;\">4. What will happen if the price prevailing in the market is<\/p>\n<p style=\"text-align: justify;\">(i) above the equilibrium price?<\/p>\n<p style=\"text-align: justify;\">(ii) below the equilibrium price?<\/p>\n<p style=\"text-align: justify;\">5. Explain how price is determined in a perfectly competitive market with fixed number of firms.<\/p>\n<p style=\"text-align: justify;\">6. Suppose the price at which the equilibrium is attained in exercise 5 is above the minimum average cost of the firms constituting the market. Now if we allow for free entry and exit of firms, how will the market price adjust to it?<\/p>\n<p style=\"text-align: justify;\">7. At what level of price do the firms in a perfectly competitive market supply when free entry and exit is allowed in the market? How is the equilibrium quantity determined in such a market?<\/p>\n<p style=\"text-align: justify;\">8. How is the equilibrium number of firms determined in a market where entry and exist is permitted?<\/p>\n<p style=\"text-align: justify;\">9: How are equilibrium price and quantity affected when income of the consumers<\/p>\n<p style=\"text-align: justify;\">(a) increase<\/p>\n<p style=\"text-align: justify;\">(b) decrease<\/p>\n<p style=\"text-align: justify;\">10. Using supply and demand curves, show how an increase in the price of shoes affects the price of a pair of socks and the number of pairs of socks bought and sold.<\/p>\n<p style=\"text-align: justify;\">11. How will a change in price of coffee affect the equilibrium price of tea? Explain the effect on equilibrium quantity also through a diagram.<\/p>\n<p style=\"text-align: justify;\">12. How do the equilibrium price and the quantity of a commodity change when price of input used in its production changes?<\/p>\n<p style=\"text-align: justify;\">13. If the price of a substitute Y of good X increases, what impact does it have on the equilibrium price and quantity of good X?<\/p>\n<p style=\"text-align: justify;\">14. Compare the effect of shift in the demand curve on the equilibrium when the number of firms in the market is fixed with the situation when entry-exit is permitted.<\/p>\n<p style=\"text-align: justify;\">15. Explain through a diagram the effect of a rightward shift of both the demand and supply curves on equilibrium price and quantity.<\/p>\n<p style=\"text-align: justify;\">16. How are the equilibrium price and quantity affected when<\/p>\n<p style=\"text-align: justify;\">(a) both demand and supply curves shift in the same direction?<\/p>\n<p style=\"text-align: justify;\">(b) demand and supply curves shift in opposite directions?<\/p>\n<p>17. In what respect do the supply and demand curves in the labour market differ from those in the goods market?<\/p>\n<p style=\"text-align: justify;\">18. How is the optimal amount of labour determined in a perfectly competitive market?<\/p>\n<p style=\"text-align: justify;\">19. How is the wage rate determined in a perfectly competitive labour market?<\/p>\n<p style=\"text-align: justify;\">20. Can you think of any commodity on which price ceiling is imposed in India? What may be the consequence of price-ceiling?<\/p>\n<p style=\"text-align: justify;\">21. A shift in demand curve has a larger effect on price and smaller effect on quantity when the number of firms is fixed compared to the situation when free entry and exist is permitted. Explain.<\/p>\n<p style=\"text-align: justify;\">22. Suppose the demand and supply curve of commodity X in a perfectly competitive market are given by:<\/p>\n<p style=\"text-align: justify;\"><img decoding=\"async\" style=\"height: 24px; width: 87px;\" src=\"https:\/\/media-mycbseguide.s3.amazonaws.com\/images\/static\/ncert\/12\/eco\/B2%20ch05\/image088.png\" \/><\/p>\n<p style=\"text-align: justify;\"><img decoding=\"async\" style=\"height: 25px; width: 95px;\" src=\"https:\/\/media-mycbseguide.s3.amazonaws.com\/images\/static\/ncert\/12\/eco\/B2%20ch05\/image089.png\" \/>\u00a0for\u00a0<img decoding=\"async\" style=\"height: 22px; width: 45px;\" src=\"https:\/\/media-mycbseguide.s3.amazonaws.com\/images\/static\/ncert\/12\/eco\/B2%20ch05\/image090.png\" \/><\/p>\n<p style=\"text-align: justify;\">= 0 or <img decoding=\"async\" style=\"height: 22px; width: 70px;\" src=\"https:\/\/media-mycbseguide.s3.amazonaws.com\/images\/static\/ncert\/12\/eco\/B2%20ch05\/image091.png\" \/><\/p>\n<p style=\"text-align: justify;\">Assume that the market consists of identical firms. Identify the reason behind the market supply of commodity X being zero at any price less than\u00a0Rs\u00a015. What will be the equilibrium price for this commodity? At equilibrium, what quantity of X will be produced?<\/p>\n<p style=\"text-align: justify;\">23. Considering the same demand curve as in exercise 22, now let us allow for free entry and exit of the firms producing commodity X. Also assume the market consists of identical firms producing commodity X. Let the supply curve of a single firm be explained as<\/p>\n<p style=\"text-align: justify;\"><img decoding=\"async\" style=\"height: 26px; width: 20px;\" src=\"https:\/\/media-mycbseguide.s3.amazonaws.com\/images\/static\/ncert\/12\/eco\/B2%20ch05\/image092.png\" \/>\u00a0= 8 + 3p\u00a0for\u00a0<img decoding=\"async\" style=\"height: 22px; width: 47px;\" src=\"https:\/\/media-mycbseguide.s3.amazonaws.com\/images\/static\/ncert\/12\/eco\/B2%20ch05\/image093.png\" \/><\/p>\n<p style=\"text-align: justify;\">= 0 for <img decoding=\"async\" style=\"height: 22px; width: 71px;\" src=\"https:\/\/media-mycbseguide.s3.amazonaws.com\/images\/static\/ncert\/12\/eco\/B2%20ch05\/image094.png\" \/><\/p>\n<p style=\"text-align: justify;\">(a) What is the significance of\u00a0p\u00a0= 20?<\/p>\n<p style=\"text-align: justify;\">(b) At what price will the market for X be in equilibrium? State the reason for your answer.<\/p>\n<p style=\"text-align: justify;\">(c) Calculate the equilibrium quantity and number of firms.<\/p>\n<p style=\"text-align: justify;\">24. Suppose the demand and supply curves of salt are given by:<\/p>\n<p style=\"text-align: justify;\"><img decoding=\"async\" style=\"height: 24px; width: 93px;\" src=\"https:\/\/media-mycbseguide.s3.amazonaws.com\/images\/static\/ncert\/12\/eco\/B2%20ch05\/image099.png\" \/><\/p>\n<p style=\"text-align: justify;\"><img decoding=\"async\" style=\"height: 24px; width: 93px;\" src=\"https:\/\/media-mycbseguide.s3.amazonaws.com\/images\/static\/ncert\/12\/eco\/B2%20ch05\/image100.png\" \/><\/p>\n<p style=\"text-align: justify;\">(a) Find the equilibrium price and quantity.<\/p>\n<p style=\"text-align: justify;\">(b) Now, suppose that the price of an input that used to produce salt has increased so, that the new supply curve is <img decoding=\"async\" style=\"height: 24px; width: 19px;\" src=\"https:\/\/media-mycbseguide.s3.amazonaws.com\/images\/static\/ncert\/12\/eco\/B2%20ch05\/image101.png\" \/>= 400 +2p<\/p>\n<p style=\"text-align: justify;\">How does the equilibrium price and quantity change? Does the change conform to your expectation?<\/p>\n<p style=\"text-align: justify;\">(c) Suppose the government has imposed a tax of Rs 3 per unit of sale on salt. How does it affect the equilibrium rice quantity?<\/p>\n<p style=\"text-align: justify;\">25. Suppose the market determined rent for apartments is too high for common people to afford. If the government comes forward to help those, seeking apartments on rent by imposing control on rent, what impact will it have on the market for apartments?<\/p>\n<h2><span class=\"ez-toc-section\" id=\"NCERT_Solutions_for_Class_12_Economics\"><\/span>NCERT Solutions for Class 12 Economics<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>NCERT Solutions class 12 Economics Macro Introduction PDF (Download) Free from myCBSEguide app and myCBSEguide website. Ncert solution class 12 Economics includes text book solutions from both part 1 and part 2. NCERT Solutions for CBSE Class 12 Economics have total 12 chapters. 12 Economics NCERT Solutions in PDF for free Download on our website. Ncert Economics class 12 solutions PDF and Economics ncert class 12 PDF solutions with latest modifications and as per the latest CBSE syllabus are only available in myCBSEguide<\/p>\n<h2><span class=\"ez-toc-section\" id=\"CBSE_App_for_Students\"><\/span>CBSE App for Students<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>To download\u00a0NCERT Solutions for class 12 Physics, Chemistry, Biology, History, Political Science, Economics, Geography, Computer Science, Home Science, Accountancy, Business Studies and Home Science; do check myCBSEguide app or website. myCBSEguide provides sample papers with solution, test papers for chapter-wise practice, NCERT solutions, NCERT Exemplar solutions, quick revision notes for ready reference, CBSE guess papers and CBSE important question papers. Sample Paper all are made available through\u00a0<a href=\"https:\/\/play.google.com\/store\/apps\/details?id=in.techchefs.MyCBSEGuide&amp;referrer=utm_source%3Dmycbse_bottom%26utm_medium%3Dtext%26utm_campaign%3Dmycbseads\"><strong>the best app for CBSE students<\/strong><\/a>\u00a0and myCBSEguide website.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>NCERT Solutions class 12 Economics Market Equilibrium Class 12 Economics book solutions are available in PDF format for free download. These ncert book chapter wise questions and answers are very helpful for CBSE board exam. CBSE recommends NCERT books and most of the questions in CBSE exam are asked from NCERT text books. Class 12 &#8230; <a title=\"NCERT Solutions class 12 Economics Market Equilibrium\" class=\"read-more\" href=\"https:\/\/mycbseguide.com\/blog\/ncert-solutions-class-12-economics-market-equilibrium\/\" aria-label=\"More on NCERT Solutions class 12 Economics Market Equilibrium\">Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":-1,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1437,281],"tags":[283,1342,323,216],"class_list":["post-5169","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economics-cbse-class-12","category-ncert-solutions","tag-cbse-study-material","tag-class-12","tag-economics","tag-ncert-solutions"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>NCERT Solutions class 12 Economics Market Equilibrium<\/title>\n<meta name=\"description\" content=\"NCERT Solutions class 12 Economics Market Equilibrium in PDF format for free download. 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