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

Following is an essential feature of supply:

Which one of the following is not a feature of supply?

What is the degree of elasticity of supply in the diagram?

A 10 per cent increase in price of a good causes 5 per cent increase in its quantity supplied, elasticity of supply will be ______.

When price of a·product rises by 10% its quantity supplied also rises by 10%. Find out price elasticity.

Which of the following measures of price elasticity shows elasticity shows elastic supply?

If price elasticity of supply is greater than 1, then supply is said be elastic.

1. Price elasticity of supply of a good is 0.8, its supply is said to be inelastic.
2. If the quantity supplied of a commodity remain the same whatever its price supply is said to perfectly inelastic.

The given diagram is a case of ______ supply.

Choose the correct term for the given definition.

The ratio between the percentage change in supply to a percentage change in price.

Which of the following statements are true?

The cost of production will increase if

1. The government gives subsidies
2. The firm uses obsolete technology
3. The price of diesel increases

When an entrepreneur introduces a new technique or a new product, it is called ______.

When the price increases by 50% and the supply increases only by 5% the price elasticity of supply of that commodity will be ______.

The quantity of a commodity which a seller is ready to offer for sale at a given price and at a given time. This defines ______.

If the price elsaticity of supply is 1 and the percentage change in price is 10, then the percentage change in quatity supplied should be ______.

Elasticity of supply is measured by:

Pick the option which does not belong to the group.

Supply always refers to a specific desired quantity which a seller is willing to ______.

When the percentage change in the quantity supplied of a commodity is exactly equal to the percentage change in its price it is known as ______.

A linear supply curve starting from the origin making an angle of 75 degree with X-axis will have ______.