Determination of Prices and Quantity — Important Questions
NIOS · Class 10 · Economics
50 important questions from Determination of Prices and Quantity for NIOS Class 10 Economics, with answers. Written for the board exams 2027.
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Important Questions from Determination of Prices and Quantity
What does total revenue mean?
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Total money receipts of the producer from the sale of a given volume of output
Total revenue is the money received from sales.
What does total cost mean?
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Total expenditure incurred by a seller in production of output
Total cost is the expenditure on producing output.
Which factor is considered by a seller while fixing the market price of a commodity?
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Cost of production
Cost of production is one of the important factors in price fixing.
Which factor is also important for a seller when fixing price besides cost of production?
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Price fixed by other sellers
A seller considers the price fixed by other sellers of similar goods.
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