SSC CGL Exam > SSC CGL Videos > Crash Course for SSC CGL (English) > Demand and Supply
Demand and Supply Video Lecture | Crash Course for SSC CGL (English)
FAQs on Demand and Supply Video Lecture - Crash Course for SSC CGL (English)
| 1. What is demand and supply in SSC CGL? |  |
Ans. Demand and supply in SSC CGL refers to the fundamental economic concept that analyzes the relationship between the quantity of a product or service demanded by consumers and the quantity supplied by producers. It helps determine the equilibrium price and quantity in a market.
| 2. How does demand and supply affect prices in SSC CGL? | |
Ans. Demand and supply have a direct impact on prices in SSC CGL. When demand exceeds supply, prices tend to increase as consumers compete for limited resources. On the other hand, when supply exceeds demand, prices tend to decrease as producers reduce prices to attract consumers.
| 3. What factors can cause a shift in demand and supply in SSC CGL? | |
Ans. Several factors can cause a shift in demand and supply in SSC CGL. Changes in consumer preferences, income levels, population, and advertising can influence demand. Similarly, changes in production costs, technology, government regulations, and taxes can affect supply.
| 4. What is the concept of elasticity of demand and supply in SSC CGL? | |
Ans. Elasticity of demand and supply in SSC CGL measures the responsiveness of quantity demanded or supplied to changes in price. If demand or supply is elastic, a small change in price will result in a significant change in quantity. If it is inelastic, a change in price will have a relatively smaller impact on quantity.
| 5. How does the concept of demand and supply help in SSC CGL? | |
Ans. The concept of demand and supply is crucial in SSC CGL as it helps in understanding market dynamics, price determination, and the allocation of resources. It allows policymakers and businesses to make informed decisions regarding production, pricing, and resource allocation to maximize efficiency and meet consumer demand.
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Dec 23, 2024 Last updated |
Video Description: Demand and Supply for SSC CGL 2024 is part of Crash Course for SSC CGL (English) preparation.
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