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The theory of the firm under perfect competition — Economics STD 12 Humanities & Commerce — Question

Rajasthan BoardEnglish MediumSTD 12 Humanities & CommerceEconomicsThe theory of the firm under perfect competition1 Mark
Question
Consider the following supply schedule.
S. No.
Price (₹ per unit)
Quantity Supplied (in units)
i.
25
50
ii.
35
70
This refers to:
  1. Expansion in supply.
  2. Contraction in supply.
  3. Increase in supply.
  4. Both (b) and (c).
Hint: Supply of a commodity expand only due to increase in price of the commodity and other factors remain constant. Quantity supplied increases from 50 units to 70 units of the commodity as a result of increase in its price from ₹ 25 to ₹ 35.
✓

Answer

  1. Expansion in supply.

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