Arts (English Medium) Class 12 - CBSE Question Bank Solutions for Economics

When does 'shift' in supply curve take place?

What is 'change in supply'? Explain the effect of tax imposed on a good on the supply of the good.

Which of the following does not cause shift of supply curve of a good?
(Choose the correct alternative)
(a) Price of input
(b) Price of the good
(c) Goods and services tax
(d) Subsidy

Choose the correct answer from given options
If the supply curve is a straight line parallel to the vertical axis (Y-axis), supply of the good is called as _________.

Explain the geometric method of measuring price elasticity of supply. Use Diagram.

The price elasticity of supply of a good is 0.8. Its price rises by 50 percent. Calculate the percentage increase in its supply.

What is the law of diminishing marginal product?

Choose the correct alternative from given options:
The average product curve in the input-output plane, will be ____________.

Explain whether the statement is true or false with reasons.

 Average product curve and Marginal product curves are 'U-shaped' curves.

When does a production function satisfy constant returns to scale?

When does a production function satisfy increasing returns to scale?

When does a production function satisfy decreasing returns to scale?