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Unemployment Video Lecture | Indian Economy for Government Exams (Hindi) - Bank Exams
FAQs on Unemployment Video Lecture - Indian Economy for Government Exams (Hindi) - Bank Exams
| 1. What is the concept of demand in microeconomics? |  |
Ans. Demand in microeconomics refers to the quantity of a good or service that consumers are willing and able to purchase at various prices during a specific time period. The demand for a product typically increases as the price decreases, illustrating the law of demand. Factors influencing demand include consumer preferences, income levels, prices of related goods, and expectations about future prices.
| 2. How do supply and demand interact to determine market equilibrium? | |
Ans. Market equilibrium is achieved when the quantity of a good or service demanded by consumers equals the quantity supplied by producers at a particular price. In this state, there is no excess supply (surplus) or excess demand (shortage). Changes in either supply or demand can shift the equilibrium price and quantity, leading to a new market balance.
| 3. What are the different types of market structures in microeconomics? | |
Ans. The main types of market structures in microeconomics are perfect competition, monopolistic competition, oligopoly, and monopoly. Perfect competition features many firms with identical products, monopolistic competition has many firms with differentiated products, oligopoly consists of a few large firms that dominate the market, and monopoly is characterized by a single firm that controls the entire market for a good or service.
| 4. What is the role of elasticity in understanding consumer behavior? | |
Ans. Elasticity measures how responsive consumers are to changes in price or income. Price elasticity of demand indicates how much the quantity demanded changes in response to a price change; if demand is elastic, consumers will significantly reduce their quantity demanded as prices rise. Income elasticity of demand measures how demand changes with consumer income. Understanding elasticity helps businesses and policymakers predict consumer behavior in response to market changes.
| 5. How does production theory explain the concept of diminishing returns? | |
Ans. The theory of production explains that as additional units of a variable input (like labor) are added to fixed inputs (like machinery), the additional output produced from each new unit of input eventually decreases. This phenomenon is known as diminishing returns. It occurs because, after a certain point, adding more of one factor of production leads to overcrowding and inefficiency, reducing the overall productivity of the process.
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Dec 21, 2024 Last updated |
Video Description: Unemployment for Bank Exams 2024 is part of Indian Economy for Government Exams (Hindi) preparation.
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