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</p> Signup and view all the answers

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