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

Any statement about demand for a good is considered complete only when the following is/are mentioned in it:

If with the rise in price of good Y, demand for good X rises, the two goods are:

When at a price of ₹ 5 per unit of a commodity, A’s demand is for 11 units, B’s demand is for 14 units and C’s demand is for 8 units (assuming that there are only three consumers in the market), the market demand is ______.

State the law of demand.

Explain four circumstances under which the law of demand does not operate.

Identify the correct statement from the following alternatives:

The following table shows the amount of sugar bought by a household at different prices:

Does the behaviour of household contradict the law of demand? Give reasons in support of your answer.

The law of supply is based on the assumption of ______.

State whether the following statement is true or false. Give reasons.

The law of demand states a direct relationship between price and demand.

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

Mention two assumptions of the law of supply.

State the law of supply.

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

Law of supply states that ______.

State the similarities between monopolistic competition and monopoly. 

The producers prefer to supply more when prices are ______.

Explain the law of supply.

Price and Supply move in the same direction. Justify the statement.

State and explain the law of supply with the help of a diagram.

What is supply function?