Microeconomics Important Question Bank for Class 12

Microeconomics is an essential branch of economics that deals with the study of individual economic units such as households, firms, and industries. Here is an important question bank for students studying microeconomics in class 12:

1. Demand and Supply
- What are the determinants of demand?
- Explain the law of demand with suitable examples.
- Discuss the factors that influence supply.

2. Elasticity of Demand
- Define price elasticity of demand. How is it calculated?
- Differentiate between elastic and inelastic demand.
- Why is the concept of cross elasticity of demand important?

3. Production and Costs
- Describe the law of variable proportions.
- What are the different types of costs in economics?
- How does the average cost curve behave in the short run and long run?

4. Market Structures
- Compare and contrast perfect competition and monopoly.
- Explain the concept of monopolistic competition.
- How do oligopolies affect market outcomes?

5. Consumer Equilibrium and Utility Analysis
- Define the law of diminishing marginal utility.
- What is consumer equilibrium? How is it achieved?
- Discuss the different types of utility.

These questions cover various important topics in microeconomics and will help students prepare effectively for their class 12 exams.