Sandeep Garg Macroeconomics Class 12: Chapter 9 Supply

Sandeep Garg Class 12 Microeconomics Solutions Chapter 9 Supply is explained by the expert Economics teachers from the latest edition of Sandeep Garg Microeconomics Class 12 textbook solutions. We at BYJU’S provide Sandeep Garg economics class 12 Solutions to give comprehensive insight about the subject to the students. These insights help as a priceless benefit to students while completing their homework or while studying for their exams. There are numerous concepts in economics, however, we at BYJU’S provide the students with the solution from Supply, which will be useful for the students to score well in the board examinations.

Sandeep Garg Solutions Class 12 – Chapter 9 – Part A – Microeconomics

Question 1

Define Supply.

Ans: Supply refers to the quantity of a commodity that a firm is willing and able to offer for sale at a given price during a given period of time.

Question 2

What are the 6 Determinants of Supply?

Ans: 6 important factors affecting supply are:

  • Price of a given commodity
  • Prices of other goods
  • Prices of factors of production
  • State of technology
  • Government policy
  • Goals of the firm

Question 3

What are the 3 Determinants of Market Supply?

Ans: 3 Determinants of Market Supply are:

  • Number of firms in the market
  • Future expectation regarding price
  • Means of transportation and communication

Question 4

Define Marker Supply Schedule (MSS).

Ans: Marker Supply Schedule refers to a tabular statement showing various quantities of a commodity that all the producers are willing to sell at various levels of price, during a given period of time.

Question 5

What is the Supply Curve?

Ans: Supply curve refers to a graphical representation of the supply curve.

Question 6

Grephically represent the Individual Supply Curve.

Ans:

Individual Supply Curve

 

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