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Class11 Unit 4 Worksheet

This document contains 15 questions about forms of market and price determination for an 11th grade economics class worksheet. It defines key concepts like perfect competition, excess demand and supply, equilibrium price and quantity. It asks students to explain features of perfect competition like large numbers of buyers and sellers, free entry and exit leading to no super normal profits. Questions also examine how equilibrium price and quantity change with shifts in supply and demand curves, and scenarios where equilibrium price does not change. The document covers concepts like price ceilings, price floors, and why firms are price takers in perfect competition.

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negishreshth1985
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Download as DOCX, PDF, TXT or read online on Scribd
331 views

Class11 Unit 4 Worksheet

This document contains 15 questions about forms of market and price determination for an 11th grade economics class worksheet. It defines key concepts like perfect competition, excess demand and supply, equilibrium price and quantity. It asks students to explain features of perfect competition like large numbers of buyers and sellers, free entry and exit leading to no super normal profits. Questions also examine how equilibrium price and quantity change with shifts in supply and demand curves, and scenarios where equilibrium price does not change. The document covers concepts like price ceilings, price floors, and why firms are price takers in perfect competition.

Uploaded by

negishreshth1985
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Aster Public School Greater Noida, West

Class 11th Economics worksheet

Unit-4: Forms of market and Price Determination

1. Define Perfect competition Market.


2. What do you understand by excess demand and excess supply.
3. Explain equilibrium price and equilibrium quantity with the help of diagram.
4. Explain large number of buyers and sellers features of perfect competition market.
5. How free entry and exit of firms result in no super normal profit and loss in perfect
competition market, explain.
6. What is the shape of AR, MR and demand curve in perfect competition market and why.
7. Explain the chain effect of increase in supply on equilibrium price and equilibrium quantity.
8. If there is an increase in price of tea, how it will affect equilibrium price and quantity of
coffee. Explain the chain effect with the help of a diagram.
9. What happen to equilibrium price and quantity if the decrease in demand is less than
decrease in supply.
10. If demand curve is perfectly inelastic, how change in supply affect equilibrium price and
quantity.
11. What do you understand by maximum Price Ceiling. Explain with the help of an example and
diagram.
12. Define price flooring. (With diagram)
13. State any two cases where change in supply/ demand does not affect the equilibrium price.
14. Why in perfect competition market, firms are price taker.
15. Explain homogeneous product features of perfect competition market.

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