Revision Notes For Class 12 Economics Microeconomics Chapter 5 Market Equilibrium

Chapter 5 – Market Equilibrium Market Equilibrium is a state of market where the demand for the commodity is equal to its supply. This chapter comprises of a wide range of concepts – a brief introduction to the topic ‘market equilibrium ‘ – its meaning and definition, Equilibrium price, Equilibrium quantity, excess demand, excess supply, non- variable industry, variable industry, price ceiling, price floor, effect of simultaneous change in demand and supply on Equilibrium price.

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