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Chapters
Chapter 1: Microeconomics and Macroeconomics: Introduction
2: Demand and Law of Demand
3: Theory of Consumer Behaviour: Marginal Utility and Indifference Curve Analysis
Chapter 4: Elasticity of Demand
▶ 5: Supply - Law of Supply and Price Elasticity of Supply
Chapter 6: Market Mechanism: Equilibrium Price and Quantity in a Competitive Market
Chapter 7: Laws of Returns - Returns to a Factor and Returns to Scale
Chapter 8: Cost and Revenue Analysis
Chapter 9: Forms of Market
Chapter 10: Producer's Equilibrium
Chapter 11: Determination of Equilibrium Price and Output Under Perfect Competition
SECTION 2: THEORY OF INCOME AND EMPLOYMENT
Chapter 12: Theory of Income and Employment
SECTION 3: MONEY AND BANKING
Chapter 13: Money: Meaning and Functions
Chapter 14: Banks: Commercial Bank and Central Bank
SECTION 4: BALANCE OF PAYMENTS AND EXCHANGE RATE
Chapter 15: Balance of Payments and Exchange Rate
SECTION 5: PUBLIC FINANCE
Chapter 16: Fiscal Policy
Chapter 17: Government Budget
SECTION 6: NATIONAL INCOME
Chapter 18: National Income and Circular Flow of Income
Chapter 19: National Income Aggregates
Chapter 20: Methods of Measuring National Income
SECTION 7: PROJECT WORK
Chapter 21: Project Work
Chapter 22: Model Short Answer Questions
![Frank solutions for Economics [English] Class 12 ISC chapter 5 - Supply - Law of Supply and Price Elasticity of Supply - Shaalaa.com](/images/economics-english-class-12-isc_6:557367fb4d974c67badae9e1dbdc022d.jpg "Frank solutions for Economics [English] Class 12 ISC chapter 5 - Supply - Law of Supply and Price Elasticity of Supply")
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Solutions for Chapter 5: Supply - Law of Supply and Price Elasticity of Supply
Below listed, you can find solutions for Chapter 5 of CISCE Frank for Economics [English] Class 12 ISC.
Frank solutions for Economics [English] Class 12 ISC 5 Supply - Law of Supply and Price Elasticity of Supply TEST YOURSELF QUESTIONS [Pages 95 - 98]
Select the correct option for each of the following questions:
Various quantities of a commodity which producers are willing to produce and offer for sale at different prices during a particular period is called ______.
quantity supplied
individual supply
supply
none of these
What type of relationship between the price of a commodity and the quantity supplied is indicated by the law of supply?
Positive
Inverse
Constant relationship
None of these
Graphical representation of various quantities of a commodity which all the producers are willing to produce and sell at different prices during a given period is known as ______.
Individual supply curve
Market supply curve
Demand curve of the firms
Buyers' demand curve
What is the reason for upward sloping supply curve?
Direct relation between price and quantity
Change in the number of producers
Profit maximisation
All the above
Which of the given options is the correct reason for backward sloping curve of labour?
Labour first prefers work over leisure and then leisure over work
Labour first prefers leisure over work and then work over leisure
Both Labour first prefers work over leisure and then leisure over work and Labour first prefers leisure over work and then work over leisure
Neither Labour first prefers work over leisure and then leisure over work nor Labour first prefers leisure over work and then work over leisure.
Contraction of supply refers to a situation when there is ______.
Fall in the own price of a commodity
Fall in the quantity supplied at the lower price of the commodity
Downward movement along the same supply curve
All of the above
When supply increases due to improvement in technology it is known as ______.
Extension in supply
Increase in supply
Contraction of supply
Decrease in supply
Elasticity of supply is always positive because of ______.
Direct relationship between price and supply
Inverse relation between price and supply
Both direct relationship between price and supply and inverse relationship between price and supply
Neither direct relationship between price and supply and inverse relationship between price and supply
Supply of a commodity would be relatively more elastic in case of ______.
Short period
Long period
Very short period
None of these
A straight line supply curve drawn through the origin has the same type of elasticity at all the points ______.
es = 1
es = 1
es > 0
es > 1
A straight line supply curve that cuts the X-axis has ______.
Inelastic supply
Unitary elastic supply
Elastic supply
Perfectly elastic supply
Very Short Answer Questions
Define supply.
Distinguish between supply and stock.
Give two differences between intended supply and actual supply.
Distinguish between Individual supply and Market supply.
Explain how the supply of a commodity is affected by the prices of other related commodities. Give suitable examples.
How do changes in the prices of factors of production affect the supply of a commodity?
How do expectations about future prices affect the supply of a commodity?
How will cost-saving technical progress affect the supply curve?
Explain four factors on which the supply of a commodity depends.
Mention two factors other than price, which influence the supply of a commodity.
What is supply function?
State the law of supply.
What is a supply schedule?
What is a supply curve?
Explain the shape of a supply curve.
State and explain the law of supply with the help of a diagram.
What is meant by market period?
What is meant by market period?
What is the shape of supply curve in the market period?
Draw the supply curve of a perishable commodity. Give a reason for the shape of the supply curve.
What is the implication of a vertical supply curve?
Define 'shift' in supply curve.
What is meant by a change in supply?
State what causes movement along the supply curve and show it diagrammatically.
What is meant by 'increase' in supply?
What is 'decrease' in supply?
What is expansion of supply?
Define contraction in supply.
What causes a downward movement along a supply curve?
What does the shift of supply curve to the right indicate?
What effect does an increase in excise tax rate have on the supply curve of the product?
How does an improvement in production technology influence the supply curve of a firm?
What effect does an increase in production subsidy have on the supply curve?
Define price elasticity of supply.
State the degrees of elasticity of supply.
Write the formula of measuring price elasticity of supply.
What is meant by perfectly elastic supply?
What do you mean by perfectly inelastic supply?
What do you mean by elastic supply?
What is meant by the Unitary elastic supply?
Draw the supply curve showing price elasticity of supply equal to one.
Draw the supply curve showing price elasticity of supply less than one.
Draw a straight line supply showing elasticity greater than one.
Draw a supply curve for Elasticity of supply = 0.
Draw a supply curve for elasticity of supply = ∞.
Draw a supply curve for Elasticity of supply < 1.
Explain any four determinants of elasticity of supply.
Short Answer Questions
Explain the supply function.
State the law of supply.
Discuss how change in technology affects the supply of a commodity.
Why does supply curve slope upward to the right?
Derive a market supply curve from two hypothetical individual supply schedule.
State and explain the law of supply with exceptions.
Why is supply curve of labour backward sloping? Explain with the help of a diagram.
State what causes movement along the supply curve and show it diagrammatically.
Define increase in supply.
Distinguish between expansion of supply and increase in supply.
Distinguish between contraction and decrease in supply.
Solutions for 5: Supply - Law of Supply and Price Elasticity of Supply
Frank solutions for Economics [English] Class 12 ISC chapter 5 - Supply - Law of Supply and Price Elasticity of Supply
Shaalaa.com has the CISCE Mathematics Economics [English] Class 12 ISC CISCE solutions in a manner that help students grasp basic concepts better and faster. The detailed, step-by-step solutions will help you understand the concepts better and clarify any confusion. Frank solutions for Mathematics Economics [English] Class 12 ISC CISCE 5 (Supply - Law of Supply and Price Elasticity of Supply) include all questions with answers and detailed explanations. This will clear students' doubts about questions and improve their application skills while preparing for board exams.
Further, we at Shaalaa.com provide such solutions so students can prepare for written exams. Frank textbook solutions can be a core help for self-study and provide excellent self-help guidance for students.
Concepts covered in Economics [English] Class 12 ISC chapter 5 Supply - Law of Supply and Price Elasticity of Supply are Concept of Supply - Supply Schedule and Supply Curve, Difference Between Stock and Supply, Determinants of Supply, Supply Curve and Schedule, Measurement of Price Elasticity of Supply - Percentage-change Method, Measurement of Price Elasticity of Supply - Geometric Method, Movements Along and Shifts in Supply Curve.
Using Frank Economics [English] Class 12 ISC solutions Supply - Law of Supply and Price Elasticity of Supply exercise by students is an easy way to prepare for the exams, as they involve solutions arranged chapter-wise and also page-wise. The questions involved in Frank Solutions are essential questions that can be asked in the final exam. Maximum CISCE Economics [English] Class 12 ISC students prefer Frank Textbook Solutions to score more in exams.
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