Revision Notes for CBSE Class 12 Micro Economics Chapter 5 - Free PDF Download
FAQs on Market Equilibrium Class 12 Notes CBSE Micro Economics Chapter 5 (Free PDF Download)
1. Where can one get the revision notes of Chapter 5 of Class 12 Microeconomics?
Vedantu provides the revision notes of Chapter 5 of Class 12 Microeconomics free of cost. Follow the points to get these solutions:
Visit the page-Revision Notes for Class 12 MAcroeconomics Chapter 5.
This page will redirect you to Vedantu's official website.
Students will find the PDF file of revision notes of Chapter 5 of Class 12 Microeconomics.
At the top of this PDF file, you will find the “Download PDF” option.
On tapping this option, the revision notes will get downloaded.
Students can now study offline free of cost.
These notes can also be downloaded from the Vedantu app.
2. In what ways does Vedantu help students in studying Chapter 5 of Class 12 Microeconomics?
Vedantu help students in studying Chapter 5 of Class 12 Microeconomics in the following ways:
Vedantu is an online educational platform where you will get all the study materials.
It also provides you with the revision notes of Chapter 5 of Class 12 Microeconomics.
These learning materials are prepared by professionals.
The speech used in writing these contents is very easy to understand.
The “Online Chat” option is also available to students so that they can ask their doubts from well-qualified teachers.
3. What is the difference between demand and supply curves in the labour market and the good market?
The differences between demand and supply curves in the good market and the labour markets are as follows:
There is a demand for goods by consumers in a good market whereas, in labour markets, demands are made by firms.
In a labour market, the supply of labour is provided by the households whereas the supply of goods is performed by the firms in a good market.
Suppliers are the firms in a good market whereas, in a labour market, households are the suppliers.
4. Is it easy to score good marks in Chapter 5 of Class 12 Microeconomics?
Students face many problems while preparing for Chapter 5 of Class 12 Microeconomics. To score well in this chapter students must focus on the NCERT book. They should refer to this book for reading Chapter 5 of Class 12 Microeconomics. Solving the NCERT questions will help students to understand the concepts easily. Make use of previous years question papers and sample papers to know about the type of questions asked in the exam. Prefer guidebooks for clarifying your doubts.
5. Elucidate why a shift in the demand curve has a larger effect on price and smaller effect on quantity given that the number of firms is fixed compared to the situation when free entry and exit is permitted.
It has been seen that a number of firms are fixed in the short run and there are no restrictions on the number of firms and free entry is permitted in the long run.
The situation of the market running with a number of companies in the short run:
Increase in demand results in increments in equilibrium price and quantity.
Equilibrium quantity and price decrease with a decrease in demand.
The market situation with free entry and exit in the long run:
With an increase in demand, the equilibrium price remains the same but the output increases.
No change in equilibrium price and production quantity is less when the demand decreases.