Commerce Exam > Commerce Notes > Economics Class 11 > Frequently Asked Questions (without Solutions) - Producer Behavior and Supply
Frequently Asked Questions (without Solutions) - Producer Behavior and Supply | Economics Class 11 - Commerce PDF Download
FREQUENTLY ASKED QUESTIONS – CBSE BOARD EXAMINATION
One Mark Questions (1M)
- Define the law of supply.
- Define market supply.
- What do you understand by supply curve of a firm?
- What do you mean by elasticity of supply?
- Define supply schedule.
- Define revenue of a firm? OR give meaning of revenue?
- Define Marginal Revenue?
- What is Average revenue?
- When will the marginal revenue become negative?
- What happens to total revenue when Marginal revenue is zero?
- In which market the Average revenue is equal to marginal Revenue?
Three Marks Questions (3M)
- Give reasons for the rightward shift in supply curve?
- Give reasons for the leftward shift in supply curve?
- If the price of the commodity falls by 10 % and consequently the quantity supply decreases by 20 % what will be elasticity of supply?
Four Marks Questions (4 M)
- Briefly explain the geometric method of measuring price elasticity of supply?
- Distinguish between change in supply and change in quantity supplied?
- Explain the movement along the supply curve?
Three OR Four Marks Questions (3M/4M)
1) What changes will take place in marginal Revenue when:
a) TR increase at an increasing rate?
b) TR increases at a diminishing rate?
2) Complete the following table:
Six Marks Questions (6 M)
- Explain the determinants of supply?
- Explain the relationship between Total Revenue and marginal Revenue using a Schedule and diagram?
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FAQs on Frequently Asked Questions (without Solutions) - Producer Behavior and Supply - Economics Class 11 - Commerce
| 1. What is producer behavior? |  |
Ans. Producer behavior refers to the decisions and actions taken by producers or businesses in the market. It includes factors like production levels, pricing strategies, investment decisions, and resource allocation.
| 2. How does producer behavior affect supply? | |
Ans. Producer behavior plays a crucial role in determining the supply of goods and services in the market. If producers anticipate higher demand or higher prices, they may increase their production levels, leading to an increase in supply. On the other hand, if producers expect lower demand or lower prices, they may decrease production, resulting in a decrease in supply.
| 3. What are some factors that influence producer behavior? | |
Ans. Several factors influence producer behavior, including market conditions, input prices, technology, government policies, and consumer preferences. For example, if input prices increase, producers may reduce their production or seek alternative resources. Similarly, changes in consumer preferences can affect producer behavior as they adapt their production to meet the demand for certain goods or services.
| 4. How do producers determine the price of their products? | |
Ans. Producers determine the price of their products based on various factors, such as production costs, competition, and consumer demand. They consider the cost of raw materials, labor, and other production inputs, along with any additional expenses like marketing and distribution. Additionally, producers analyze market conditions and consumer behavior to set prices that maximize their profits while remaining competitive.
| 5. How does producer behavior contribute to market equilibrium? | |
Ans. Producer behavior plays a significant role in establishing market equilibrium, where the quantity demanded by consumers matches the quantity supplied by producers. If producers supply more goods or services than consumers demand, prices tend to decrease until equilibrium is reached. Conversely, if producers supply less than the demand, prices increase until equilibrium is achieved. Thus, producer behavior helps in balancing supply and demand in the market.
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