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Equilibrium Price

ICSE · Class 12 · Economics

Quick revision notes for Equilibrium Price — ICSE Class 12 Economics. Key concepts, formulas, and definitions for last-minute revision.

45 questions38 flashcards5 concepts

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A graph showing the intersection of market demand and supply curves, illustrating the equilibrium price and quantity, and areas of excess demand and excess supply.
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Key Topics to Revise

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1. Meaning and Nature of Equilibrium Price

  • Consumer is willing to pay maximum price equal to marginal utility.
  • Producer is prepared to accept minimum price equal to marginal cost of production.
  • The market of a good consists of three essentials: demand, supply, and market equilibrium.
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2. Determination of Equilibrium Price under Perfect Competition

  • At equilibrium price ₹4, demand and supply of X are equal at 50 units each.
  • At price ₹3, demand is 60 and supply is 40, so excess demand is created.
  • At price ₹5, supply is 60 and demand is 40, so excess supply is created.
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3. Assumptions of Market Equilibrium

  • Demand curve slopes downward from left to right.
  • Supply curve slopes upward from left to right.
  • There is no government intervention in the market.
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4. Excess Demand and Excess Supply: Comparison

  • Excess demand means Qd > Qs.
  • Excess supply means Qs > Qd.
  • Excess demand may arise due to rise in income, rise in price of substitute, or decrease in supply.

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Full Notes

Key Concepts

Equilibrium price is the price atMarket equilibrium refers to the stateExcess demand occurs when quantity demandedExcess supply occurs when quantity suppliedAn increase in demand raises both

Frequently Asked Questions

What are the important topics in Equilibrium Price for ICSE Class 12 Economics?
Key topics in Equilibrium Price include Equilibrium Price - Complete Concept Overview, Chapter 9: Equilibrium Price – Complete Mind Map, Equilibrium Price Determination Process. These are the concepts ICSE Class 12 examiners draw on most — study them first, then practise related questions.
How to score full marks in Equilibrium Price — ICSE Class 12 Economics?
Understand the core concepts first, then work through the 45 practice questions available for this chapter. Revise formulas and definitions regularly, and use flashcards for quick recall before the exam.

Sources & Official References

Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.

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