(English Medium) ICSE Class 10 - CISCE Question Bank Solutions

'Price is an indicator of quality'. The statement applies to ______.

In which exception to the law of demand does the consumer equate price and quality.

State two dissimilarities between Monopolistic competition and Perfect competition.

“The inverse relationship between price and quantity demanded does not hold good in many cases.”

1. Justify the above as Yes or No.
2. If justified, explain in brief the Giffen Effect.

Mention one exception to the law of demand. Give one point only.

What is contraction in demand?

State two circumstances under which the demand curve slopes upwards to the right.

Give one point each of similarity and dissimilarity between Giffen goods and Veblen goods.

What are Giffen goods?

Other things remaining unchanged, change in supply due to increase in price is called ______.

Law of supply states that ______.

Explain two similarities between a Perfect market and an Imperfect market.

Explain any two similarities between a perfect market and a monopolistically competitive market.

The Law of Supply states that other things being constant ______.

Assertion (A): Law of Supply is a qualitative statement.

Reason (R): Law of Supply indicates the magnitude of change in the quantity supplied.

Explain the law of supply.

With the help of a diagram state whether supply of a good is directly or inversely related to price?

What does the Law of Supply state?

Shifting cultivation involves ______.

Land is considered a passive factor of production because ______.