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FAQs on Question Bank: Ionic Equilibrium - Chemistry Class 11 - NEET

1. What is equilibrium?
Ans. Equilibrium refers to a state of balance or stability in a system where the forces or factors that influence it are equal. In the context of this article, equilibrium can be understood as the point at which the demand and supply of a product or service are balanced, resulting in a stable market price.
2. How is equilibrium determined in economics?
Ans. Equilibrium in economics is determined through the interaction of demand and supply. The equilibrium price is the price at which the quantity demanded by consumers equals the quantity supplied by producers. This price is determined by the intersection of the demand and supply curves in a graph or market analysis.
3. What happens when there is a shortage in a market?
Ans. When there is a shortage in a market, it means that the quantity demanded exceeds the quantity supplied at the prevailing market price. This situation typically leads to an increase in the price of the product or service, as suppliers try to capitalize on the high demand. The price will continue to rise until it reaches a point where demand and supply are once again in equilibrium.
4. What factors can cause a shift in the demand or supply curve?
Ans. Several factors can cause a shift in the demand or supply curve, thus affecting the equilibrium in a market. For example, changes in consumer preferences, income levels, population, or government policies can lead to shifts in the demand curve. On the other hand, changes in production costs, technological advancements, or the availability of resources can cause shifts in the supply curve.
5. How does the concept of equilibrium apply to the labor market?
Ans. In the labor market, equilibrium refers to a situation where the demand for labor equals the supply of labor. This means that there is neither a shortage nor a surplus of workers. The equilibrium wage rate is the wage at which the quantity of labor demanded by employers matches the quantity of labor supplied by workers. Factors such as changes in labor market conditions, skills, or government regulations can influence the equilibrium in the labor market.
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