NCERT Solutions for Class 12 Micro Economics Chapter 6

The NCERT Solutions for Class 12 Micro Economics Chapter 6 is a study of supply and demand in a given scenario. In this chapter the topic of Micro Economics, the concepts of Micro-Economics have been discussed as the subject is based on concepts. Economics as a subject is wide and broad: however, here the concentration is on the solutions for Micro Economics Class 12 Chapter 6. As the subject discusses concepts of the behaviour of  consumers. Generally, when people go to the market, they always try to get the best product at the lowest price possible. This behaviour of customers is predominant in all markets, from the local grocery market to the corporate and production markets. Such consumer behavioural patterns, as well as the costing and pricing of goods and services, have been covered in the NCERT Solutions for Class 12 Micro Economics Chapter 6.A person, a company, or a country becomesa consumer only if there is a need for a particular product or service. However, sometimes purchases are also done out of peer pressure or social norms. There are many reasons a person,  a company or a country becomes a consumer. There is another factor which needs to be considered. It is known as buying power. For instance, if a product is too costly for a consumer, it will not be acceptable to the consumer. This is the concept of budget, which is a major factor for a consumer to purchase a product or service. The NCERT Solutions for Class 12 Micro Economics Chapter 6 provides clarity on this subject for the students to understand the subject better. The Extramarks website provides the NCERT Solutions for Class 12 Micro Economics Chapter 6 to be accessed for a better learning experience for the students.

The NCERT Solutions for Class 12 Micro Economics Chapter 6 covers the concept that the demand for a product is dependenton the requirement of the commodity as well as the cost of the product. If the cost of a particular commodity is way above the budget of a consumer, then even if there is demand, consumers will not accept it. There has to be a balance between the demand and the cost of a commodity. However, if the production of a particular commodity is low and the demand is high, the price of the commodity rises. This is a basic concept of Economics. The NCERT Solutions for Class 12 Micro Economics Chapter 6 covers this concept for the benefit of the students. As discussed, there is a concept of production and costing. The NCERT Solutions for Class 12 Micro Economics Chapter 6 discusses the many factors which influence the cost of a commodity. For example, when the production of a commodity depends on the supply of a raw material, if the supply of the raw material is low, the cost of production rises. Another factor is if there is scarcity of labour or if the production of the commodity depends on technology, which is a high-cost commodity by itself. There are many more factors that influence the cost of production of a commodity. These factors have been provided in the NCERT Solutions for Class 12 Micro Economics Chapter 6.  However, commodity producers strive to keep costs as low as possible in order to attract a large number of consumers and maintain commodity production rates.This is known as the Equilibrium of the market. Although the consumer expects the lowest price of a commodity from the producer, there is always a Price Ceiling which is the highest price which a producer can charge for a commodity and the Price Floor which is the lowest price which a producer can charge for a commodity. These are the basic concepts which build up the knowledge of the students. The NCERT Solutions for Class 12 Micro Economics Chapter 6 clarifies any questions students may have about these concepts.

Class 12 NCERT Solutions Micro Economics – Non-competitive Markets – Free PDF Download

The Topic of Non-competitive Market has been covered in the NCERT Solutions for Class 12 Micro Economics Chapter 6. This is available for the students on the Extramarks website for them to download and access offline. It is a free download, as mentioned.  Header 3 – Access NCERT Solutions for Economics Class 12 Chapter 6 – Non-Competitive Markets

When the term Non-Competitive Market comes to mind, the concept of Monopoly comes to the forefront. Class 12 Ncert Solutions Micro Economics Chapter 6  provides the answers to questions that arise while understanding the concept. In this scenario, a particular commodity is produced by only one producer. This enables the producer to capture the market. For instance, if there is a commodity that might be consumed on a day-to-day basis, or that might also be a high value commodity, it is produced by only one producer. This concept, covered in NCERT Solutions for Class 12 Micro Economics Chapter 6, helps students understand why some commodities have the same producer when purchased.

In a monopoly market, the producer can control the market owing to a number of factors. The reason might differ from government policies, technical know-how, or the product itself. For instance, if a commodity is produced using a particular technology for which a particular producer owns the copyright, no other producer will be able to produce the same product.

Or it might be that the raw material for a particular product is gathered from a supplier who is under  contract with the producer. These details of the concept of a Monopoly market where there are no other competitors to the producer is a Non-Competitive Market. The NCERT Solutions for Class 12 Micro Economics Chapter 6 has covered the details of this concept, which is available to the students on the Extramarks website. A producer in a Non-Competitive Market gets the opportunity to control the Market Demand. If the producer intends to raise the demand of the commodity being produced, the rate of production of the commodity can easily be lowered which in turn creates a shortage or excess supply in the market. If the commodity at that point in time is consumed on a regular basis by the customers, the Market Demand rises and the producer can keep the production rate low till the desired Market Demand is achieved. This can also lead to a rise in the price of the commodity, which the consumers have to pay in order to obtain it. The students may have many questions about the Non-Competitive market. The NCERT Solutions for Class 12 Micro Economics Chapter 6 has the solutions to the misunderstandings or doubts about the topic. This can be accessed on the Extramarks website.

NCERT Solutions Class 12 Microeconomics Chapter 6 – Free PDF Download

The Class 12 NCERT Solutions Micro Economics Chapter 6 has been made available on the Extramarks website. Students can download it for free in order to access the solutions.

NCERT Solutions for Class 12 Microeconomics Chapters

Chapter 6 – Non Competitive Markets

Unlike a Non-Competitive Market where there are more than one or two producers of a particular commodity,  consumers get the opportunity to search for the best commodity or service at the lowest price or according to their budget.Likewise, the producers also have the opportunity to supply their products to the consumers at the best price at which they can provide the best quality and quantity of a particular product. TThis encourages healthy competition among producers and provides consumers with the opportunity to obtain the best quality or quantity of a specific product or service. The NCERT Solutions for Class 12 Micro Economics Chapter 6 also provide explanations about the price of a particular commodity and how the quality or quantity of a commodity is kept in constant check because of the competition. In this scenario, both the producers and consumers are smart to maintain Market Equilibrium. Based on this concept, Market Theories are constructed where both the producers and the consumers can search for the best deal at the best price. The NCERT Solutions for Class 12 Micro Economics Chapter 6 covers the scenario of a Competitive Market where there is a big number of producers producing the same product, the cost of production of a particular product is very small, and the consumer can obtain a commodity with a very low cost in comparison to the total production and sale of the particular commodity. Another point covered in the NCERT Solutions for Class 12 Micro Economics Chapter 6 is that in a competitive market, a producer’s entry or exit is free.A producer can start producing a commodity, continue with the production if breakeven occurs quickly, sustain the production of a particular commodity, or exit the production market if losses are incurred. The entry or exit of a producer in the Competitive Market goes almost unnoticed. Along with this, another factor mentioned in the NCERT Solutions for Class 12 Micro Economics Chapter 6 is that the products of such producers cannot be distinguished. Students might be confused by such theories that have been formed for the Competitive Market. The NCERT Solutions for Class 12 Micro Economics Chapter 6 provide students with a clear understanding.The particular products of such producers in the Competitive Market are unique and can be termed an “industry.” Such a product of a particular industry cannot be duplicated by another industry. The producers and consumers of such an industry are very familiar with the product and are aware of its price and utility. Doubts arising from such theories have been clarified in the NCERT Solutions for Class 12 Micro Economics Chapter 6.

So, the Competitive Market Theory has a number of rules to which the condition of a market should conform. However, if the rules in a market condition do not correspond to the theory of a Competitive Market, it is classified as a Monopoly or an Oligopoly Market.

The NCERT Solutions for Class 12 Micro Economics Chapter 6 also covers another factor that comes to the forefront in the discussion: the Behaviour of a Competitive market. In such a scenario, the producers of a commodity try to influence the consumer and try to capture a greater market share. In such a market, producers may try other strategies such as advertising, hoardings, free goods or products with a specific identification that reminds the customer of that particular product, flyers or sponsors to events and games, and so on. If and when a particular producer succeeds in capturing a portion of the market, the market share of the other producers of the same commodity falls.

This phenomenon continues over and over again. This happens when the price of the commodity cannot be controlled by the producer, as all the producers of the same commodity maintain or are forced to maintain the same price.  Since the market structure is less competitive, the behaviour is very competitive. On the other hand, if the price of the product could be controlled by the producers, the behaviour would be less competitive. It means that if the market structure is competitive, the market behaviour will be less competitive, andif the market structure is less competitive, the market behaviour will be  competitive. This theory is confusing, but the NCERT Solutions for Class 12 Micro Economics Chapter 6 has covered it for the students and doubts have been clarified in it.

The Monopoly or the Non-Competitive Market on the other hand has its own set of rules. It is very difficult to get an entry in the Monopoly Market. The producer of a Monopoly Market always wants to maintain its Monopoly nature. The producer will use all the tricks in order to prevent other producers from entering the Monopoly Market. Government regulations, raw material suppliers, contracts with retailers are some of the examples of tools a monopolistic producer will use to prevent competitors. However, since there is only one producer in a Monopoly Market, it is not easy to exit the market either. The producer needs to keep producing the products as the demand for the product is constant. In order to clarify misunderstandings, the NCERT Solutions for Class 12 Micro Economics Chapter 6 has clarified the Topic. The NCERT Solutions for Class 12 Micro Economics Chapter 6 also clarifies that the demand for a particular product and its supply are controlled by the producer, so the Market Equilibrium is maintained. However, the price for the commodity has to be worked out because if the price is too high for the budget of the consumer, the commodity will not sell. And if the price is too low, the producer will lose on his profit. The consumer also has a part to play in the pricing of the commodity. The NCERT Solutions for Class 12 Micro Economics Chapter 6 also explains that consumers are part of the pricing process of a commodity.If the price of a commodity in the Monopoly Market is too high for the budget of the consumer, the quantity consumed will be less in comparison to the price if it is kept low and within the budget of the consumer. The quantity consumed increases if the price is lowered within the buying power of the consumer. So eventually the price is determined by the customer. If this concept is confusing, the students are suggested to access the NCERT Solutions for Class 12 Micro Economics Chapter 6 for further clarifications. The Monopoly Market producer can survive in the market only if his commodities are obtained by consumers, so the factor of the producer calling all the shots has to be  decreased in order to be sustainable. The producer has to consider the buying power of the consumer, who is the target customer of the producer. So, if the producer is unable to maintain the rate of production or the commodity produced, problems will arise in the production unit as there is a cost of production for the commodities. For example, electricity bill, wages for workers, salary for skilled labour, payment for raw material, utilities for workers, protective gear for the workers in the production unit, cost of packaging, transportation, and advertisement if required. If revenue is equal to the total cost of production then the breakeven point is achieved, and if revenue is more than the cost of production, then profit can be considered. If there is profit, working capital increases. So each aspect of the production unit is interlinked and dependent on the consumer to buy it. This rule has been explained in detail in the NCERT Solutions for Class 12 Micro Economics Chapter 6. Quantity is another factor the producer in a Monopolistic Market considers important because, when the production starts, advertisements are used to reach the consumers. However, when the quantity of the commodity consumed increases, the extra costs incurred at the start of the production is covered as breakeven. Similarly, when the quantity of products consumed increases, profit margins increase, the stability of the producer increases, and the producer’s share of the market increases. The producer becomes strong and is easily able to prevent other producers from entering the market. It is suggested that the students access the NCERT Solutions for Class 12 Micro Economics Chapter 6 which is available on the Extramarks website. Clarification of the Topic is available in detail there.

However, the producer can, if required, regulate the supply and demand chain using the price of a particular commodity. So, in a Non-Competitive Market, the producer is in control of the market. The Non-Competitive market has a very big benefit for the producer. As seen in a Competitive Market, many producers produce commodities and are sold at different prices in order to attract consumers, this can lead to the prices being pushed below the equilibrium price. The consumer benefits, but the producer has to bear losses in the cost of production. This does not happen in the Monopoly Market. The price is maintained in equilibrium because there is no competitor in the market.  The NCERT Solutions for Class 12 Micro Economics Chapter 6 provides a clear explanation of the situation.

There is a difference between a Monopoly Market and a Monopolistic Market. Like the Competitive Market, a Monopolistic Market, free entry and free exit or, commodity producers are possible. The commodities produced are not unidentifiable or identical. Clarity on this topic is available in the NCERT Solutions for Class 12 Micro Economics Chapter 6. In a Monopolistic Market, the number of producers are large, and the producers produce their commodities under a brand which are different. Although the commodities are the same, they are not identical. The consumers can differentiate one product from the other, and the prices differ according to the quality of the product. Consumers might become loyal to a particular product and keep using it for a long period of time unless forced to change their choice. The change of choice might be triggered due to price, quality, or availability of the product. Since the customer has a wide number of products to choose from. Monopolistic Markets are very common and competitive in nature. A detailed explanation of a Monopolistic Market is available in the NCERT Solutions for Class 12 Micro Economics Chapter 6. The revenue generated in the Monopolistic Market is high, which encourages more producers to enter the production market in the Monopolistic Market. However, prices tend to fall or stay stable; if prices fall, the equilibrium in the market is disturbed. If it only remains stable when raw material prices rise.Such situations force producers who run into losses to exit the market. However, in this manner, equilibrium in the market is established. Demand increases in the Monopolistic Market because the choice of customers is high, but supplies fall due to producers exiting the market who fail to break even or run into losses. So, prices tend to be on the higher side in such situations. The NCERT Solutions for Class 12 Micro Economics Chapter 6 on the Extramarks website are an excellent resource for students seeking clarification on the subject.

Oligopoly or Duopoly Markets have some changes in their characteristics. The products of the producers are in harmony with each other. The quantity of products is always kept in check, which in turn keeps the price of the products in check. Demand is almost constant, and the producers always play it safe. The NCERT Solutions for Class 12 Micro Economics Chapter 6 provides an in-depth explanation of the topic. Accessing the NCERT Solutions for Class 12 Micro Economics Chapter 6 on the Extramarks website is recommended.

 Class 12 Microeconomics Chapter-Wise Marks Weightage

Economics as a subject is vast, and it becomes a bit difficult for the students to understand which parts of the syllabus to understand and prepare for examinations and which to omit temporarily. The paper is worth 80 points in total.suggestions of topics like Introduction to Micro and Macroeconomics which consists of a weightage of 7 marks. This is the easiest part of the paper and can earn easy marks for the students. Analysis of Utility is worth 7 points as well.If the Topic is confusing, accessing the NCERT Solutions for Class 12 Micro Economics Chapter 6 will be of great help to the students. Another important topic to consider is demand analysis, which carries an 8-point weightage.Referring to the NCERT Solutions for Class 12 Micro Economics Chapter 6 is advisable while preparing for the paper, as solutions and clarifications to questions and doubts are available there. Elasticity of demand can fetch the student a weightage of 8 marks. Accessing the NCERT Solutions for Class 12 Micro Economics Chapter 6 can ensure the student to score the total marks in this question. Supply analysis has a weightage of 7 marks which can be obtained by the students. If there are doubts in their mind, the NCERT Solutions for Class 12 Micro Economics Chapter 6 should be referred to clarify the doubts about the textbook questions. Forms of Market carries a weightage of 7 marks, which students can easily obtain if they understand the theory’s concepts.Furthermore, accessing the NCERT Solutions for Class 12 Micro Economics Chapter 6 would be a wise move in ensuring full marks.Index Numbers holds a weightage of 8 marks. The details to the solution of this Topic is available in the NCERT Solutions for Class 12 Micro Economics Chapter 6. National Income is the next topic with the weightage of 8 marks. This topic involves some calculations which have to be done to come to a conclusion to specify National Income. Reference can be found in the NCERT Solutions for Class 12 Micro Economics Chapter 6 to be sure about the calculations. Public Finance in India is an extended Topic and carries a weightage of 8 marks. The breakdown of the topic is available at the NCERT Solutions for Class 12 Micro Economics Chapter 6. Money Market and Capital Market are topics which are included under the Topic and carries a weightage of 8 marks. Further clarifications of the topic have been provided in the NCERT Solutions for Class 12 Micro Economics Chapter 6. Foreign Trade in India is a subject included under this topic. It is available in the NCERT Solutions for Class 12 Micro Economics Chapter 6.The NCERT Solutions for Class 12 Micro Economics Chapter 6 are available on the Extramarks website, which is a tool that helps students prepare for the paper. However, the question paper can be solved with options. The total weightage of marks of the paper with options is 100. The topic Introduction to Micro and Macroeconomics is worth 10 points.The answer has been provided in the NCERT Solutions for Class 12 Micro Economics Chapter 6. Analysis of Utility carries a weightage of 10 marks. The answer can be found in the NCERT Solutions for Class 12 Micro Economics Chapter 6. The topic of Demand Analysis carries a weightage of 10 marks. Answer provided in the NCERT Solutions for Class 12 Micro Economics Chapter 6. Elasticity of demand carries a weightage of 10 marks. The answer has been solved in the NCERT Solutions for Class 12 Micro Economics Chapter 6. Supply Analysis has a weightage of 10 marks. The answer to this question is available in the NCERT Solutions for Class 12 Micro Economics Chapter 6. Forms of Market carries a weightage of 10 marks. The answer can be found in the NCERT Solutions for Class 12 Micro Economics Chapter 6. Index numbers also carry a weightage of 10 marks. Answers to which are in the NCERT Solutions for Class 12 Micro Economics Chapter 6. National Income carries 10 marks as its weightage. The answers are available at NCERT Solutions for Class 12 Micro Economics Chapter 6.  Public Finance in India carries 10 marks as its weightage. Solved answers can be found in the NCERT Solutions for Class 12 Micro Economics Chapter 6. Money Market and Capital Market carries 10 marks as its weightage. Answers are provided in the NCERT Solutions for Class 12 Micro Economics Chapter 6.  Foreign Trade in India also carries 10 marks to its weightage. Solved answers are available at NCERT Solutions for Class 12 Micro Economics Chapter 6.  The NCERT Solutions for Class 12 Micro Economics Chapter 6 is a tool which will not only prepare the students for the examination paper as well as enhance the knowledge base of the students.

Why Are Class 12 Microeconomics Chapter 6 NCERT Solutions Important?

The Class 12 Microeconomics Chapter 6 NCERT Solutions are important for students because they provide clarifications to their doubts in detail in order to enhance their knowledge level and help them prepare for the examinations they sit for. The NCERT Solutions for Class 12 Micro Economics Chapter 6 provides students with solutions and clarifications to help them understand and learn the subject, as well as prepare them to continue studying the subject until they obtain a master’s degree.The NCERT Solutions for Class 12 Micro Economics Chapter 6 is a study guide for students.It is available to students on the Extramarks website. There are PDF files available to the students for free download. The study materials are available to the students offline once the download is done.

NCERT Solutions for Class 12 Micro Economics Chapter 6 Frequently Asked Questions

The Frequently Asked Questions are available on the NCERT Solutions for Class 12 Micro Economics Chapter 6. FAQ are useful to the students specially to prepare for examinations. These questions are an accumulation of common questions of years of question papers and common doubts and misconceptions which come to the notice of the teachers and students. The questions are in relation to the study material available in the chapter 6 of Micro Economics of Class 12. Easy to understand answers are available in the NCERT Solutions for Class 12 Micro Economics Chapter 6 to guide the students and provide them with probable answers to the question papers they have to solve. The Frequently Asked Questions can help the students  build self-confidence before they solve the examination paper. Some common questions that might be in the NCERT Solutions for Class 12 Micro Economics Chapter 6 are as follows.