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

Explain the following diagram.

Give two factors responsible for the shift of the demand curve to the right.

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

An increase in the demand for a commodity is due to a fall in its price.

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

A change in quantity demanded as a result of price change will imply a shift of the demand curve to the right.

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

Contraction of demand is the result of a decrease in the number of consumers.

______ represents downward movement along the same supply curve.

What is an extension of supply?

What is contraction of supply?

Why does the quantity supplied increases with a rise in price? Give two reasons.

What is meant by movement along the supply curve (or change in quantity supplied)?

What causes an upward movement along the supply curve of a commodity?

Mention any two factors that cause a rightward shift of the demand curve.

The diagram shows the demand for shoes:
Which of the following would cause a movement from B to A?

Distinguish between a change in quantity supplied and a change in supply.

Explain briefly the impact of the cost of production on the elasticity of supply.

Draw a perfectly inelastic supply curve.

With the help of a suitable diagram, explain the following degree of elasticity of supply.

E_s = ∞

Draw a well-labelled diagram showing the price elasticity of supply of a commodity starting from the origin.

Draw a perfectly elastic supply curve.

Define a relatively elastic supply.