IBPS GK Questions 2026

A higher price covers the rising cost of producing extra units and promises a larger profit, so sellers offer more, and the supply curve therefore rises from left to right.

Elasticity is the percentage change in quantity divided by the percentage change in price; if the numerator is zero the whole value is zero, and the demand curve becomes a vertical straight line.

When only the price of the good itself changes, the buyer simply moves to another point on the same demand curve, and a move to a larger quantity at a lower price is called an extension of demand, while the reverse is a contraction.

The law of demand records an inverse relationship: at a higher price buyers take less of a good and at a lower price they take more, which is why the demand curve slopes downward from left to right.

Robert Giffen observed that when the price of a cheap staple such as coarse bread fell, poor families did not buy more of it but less, because the saving let them shift to a better food; such inferior goods are therefore called Giffen goods and their demand curve slopes upward.

This form, analysed by Edward Chamberlin, keeps two features of perfect competition, a large number of firms and free entry and exit, but drops the third: each firm sells a differentiated or branded product, so it faces a downward sloping demand curve and has a little control over its own…

An oligopoly is a market in which a few large firms supply the whole output, so each must watch how the others will react to its price, and the cigarette industry is the standard example because a handful of companies hold almost the entire market.

Perfect competition assumes a homogeneous product, very many buyers and sellers, perfect knowledge and free entry and exit, and the visible result of all this is a single ruling price: the same good cannot sell at two prices at the same moment, because any buyer would move to the cheaper…

Habeas corpus is refused where the detention is lawful, where the proceeding is for the contempt of a legislature or a court, where the detention has been ordered by a competent court, and where the detention is outside the territorial jurisdiction of the court approached.

Article 32 appears in Part III and is a Fundamental Right in its own right, which is why a petition under it cannot be refused once a breach of another Fundamental Right is established.

Judicial review, together with the independence of the judiciary, the removal of judges by impeachment, the written preamble and Fundamental Rights, is among the features the makers of the Indian Constitution took from the American system, where the Supreme Court asserted the power in Marbury v. Madison in 1803.

In Minerva Mills v. Union of India the Supreme Court struck down the provisions inserted by the 42nd Amendment Act of 1976 which had declared that no constitutional amendment could be called in question in any court and had given Parliament unlimited amending power, holding that both judicial review and…

Article 226 empowers every High Court to issue directions, orders or writs, including the five writs, for the enforcement of Fundamental Rights and for any other purpose, and that last phrase is what makes the High Court's writ jurisdiction wider than the Supreme Court's. Option A is wrong because Article…

Quo warranto, meaning by what authority, asks a person occupying a public office to show the legal basis of the claim to it, and because an unlawful occupation of public office is a public wrong, the courts allow any interested person to apply, not merely one who has suffered a…

Mandamus means we command, and it is issued to a public body or official to perform a public duty that it has refused to perform.

Prohibition means to forbid. It is issued by a superior court to a lower court or a tribunal to stop it from continuing with a proceeding that lies beyond its jurisdiction, so by its nature it can be directed only at bodies exercising judicial or quasi-judicial functions, never at an…

Article 32 guarantees the right to move the Supreme Court for the enforcement of Fundamental Rights and empowers the Court to issue directions, orders and writs for that purpose, which is why it is titled the right to constitutional remedies and why Dr B. R. Ambedkar described it as the…

Habeas corpus can be issued by the Supreme Court under Article 32, where it is a remedy for the breach of the Fundamental Right to personal liberty, and by every High Court under Article 226, which covers Fundamental Rights and any other purpose as well.

Certiorari is Latin for to be certified or to be informed, and the writ does exactly that: a higher court calls up the record of a case from a lower court or tribunal, either to transfer the matter to itself or to quash an order already passed because of excess…

A development finance institution is not a deposit-taking bank for the public; it raises resources from bonds and debentures, from the government, from the Reserve Bank and from multilateral agencies, and uses them for long-term lending.