Cheat sheet · Class 11 · CBSE · Commerce Economics
Microeconomics: Market Equilibrium cheat sheet
The whole chapter on one page: key formulas, facts and the points to remember, for quick revision before a test.
CBSE Class 11 · Economics
Cheat sheet
Chapter 12Microeconomics: Market Equilibrium
Equilibrium: quantity demanded = quantity supplied.
1. Equilibrium
At equilibrium price, demand equals supply; excess demand pushes price up, excess supply pushes it down.
2. Shifts
| Change | Price | Quantity |
|---|---|---|
| Demand ↑ | ↑ | ↑ |
| Demand ↓ | ↓ | ↓ |
| Supply ↑ | ↓ | ↑ |
| Supply ↓ | ↑ | ↓ |
Simultaneous shifts: result depends on the relative size of shifts.
3. Price Controls
Price ceiling
max price below equilibrium → shortage, rationing, black markets.
Price floor
min price above equilibrium (MSP, minimum wage) → surplus.
4. Key Points
- With free entry, long-run price = min AC.
- Fixed number of firms vs free entry analysis.
- Equilibrium is stable under competition.
- Excess demand at price below equilibrium.
Remember: D = S | shift table | ceilings & floors
Microeconomics: Market Equilibrium: questions and notes
More Class 11 · CBSE · Commerce Economics cheat sheets
- Statistics: Introduction
- Statistics: Collection of Data
- Statistics: Organisation of Data
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- Statistics: Measures of Central Tendency
- Statistics: Correlation
- Statistics: Index Numbers
- Microeconomics: Introduction
- Microeconomics: Theory of Consumer Behaviour
- Microeconomics: Production and Costs
- Microeconomics: The Theory of the Firm under Perfect Competition
- Microeconomics: Market Equilibrium
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