ICSE Class 12 Economics Syllabus Overview

• The quantity of a good or service that consumers are willing and able to buy at a given price (correct)
• The quantity of a good or service that producers are willing to supply at a given price
• The amount of money consumers are willing to pay for a good or service
• The total amount of a good or service available in the market

• An increase in income will lead to an increase in the quantity demanded for normal goods
• As a consumer consumes more units of a good, the additional satisfaction derived from each additional unit decreases (correct)
• Consumers will always prefer more of a good to less
• As the price of a good increases, the quantity demanded also increases

• Stock and supply are synonymous and can be used interchangeably
• Stock refers to the quantity of a good available at a specific point in time, while supply refers to the total amount available over a period of time (correct)
• Stock refers to the total amount of a good available over a period of time, while supply refers to the quantity available at a specific point in time
• Stock refers to the quantity of a good demanded by consumers, while supply refers to the quantity produced by firms

<p>A state where the quantity demanded equals the quantity supplied at a specific price level (C)</p> Signup and view all the answers

<p>It helps in predicting how changes in price will affect the quantity demanded of a good (A)</p> Signup and view all the answers