CBSE Important Questions Class 12 Microeconomics - Download Free PDF File
FAQs on Important Questions for CBSE Class 12 Micro Economics (2024-25)
1. What is the Budget Line as per the Class 12 microeconomics chapter 2?
A budget line shows a consumer's restrictions when combining two or more products into one purchase within a specific budget. When prices, preferences, or income change, a budget line will also alter. The consumption possibility line is another name for it. It is believed that the consumer will purchase the whole product package.
2. Explain the concept of short run and long-run.
The long-run is a time frame during which the producer can alter all the production-related factors, such as the building, the machinery, etc. A manufacturer can only make a small number of adjustments to the production process in the short run. It is the time when at least one production factor is fixed while the others can be altered or enhanced.
3. What do you understand about the meaning of Market Equilibrium?
The market condition where supply and demand are equal is referred to as this. When a market is in equilibrium, the associated price won't move until a factor outside the market has a role in shifting supply or demand. The price at which a product is sold when the market is in equilibrium is referred to as the equilibrium price.
4. How does the PDF file of Chapter 2 of microeconomics Class 12 help students?
Using important questions for Class 12 microeconomics chapter wise PDF can help you keep practising regularly. In fact, you can use the same file for the board exam last minute practice.
5. What is the Law of Diminishing Marginal Product?
As per Chapter 2 of microeconomics, when one of the elements is increased while the other factors remain constant, the total amount of production will initially grow in accordance with the law of diminishing marginal product. This approach would stop leading to an increase in output. Consider a factory, for instance, where the equipment plays a role in manufacturing.