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Equilibrium Price

ICSE · Class 12 · Economics

Complete topic list for Equilibrium Price in ICSE Class 12 Economics. Key concepts, sub-topics, and what to focus on for board exams.

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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4 Topics · ICSE Class 12 Economics

Topics in Equilibrium Price

1

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.
2

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.
3

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.
4

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.

Key Concepts

Central concept: Market equilibrium and equilibrium price

Introduction to equilibrium priceMeaning of equilibrium priceDetermination under perfect competitionAssumptions of market equilibriumExcess demand and excess supplyShifts in demandShifts in supplySimultaneous shifts in demand and supply

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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All 19 chapters — ICSE Class 12 Economics Syllabus

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