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प्रश्न
Identify the correct statement from the following alternatives:
विकल्प
Taj Mahal tea and Tata tea are examples of substitute goods.
'A consumer buys 2 litres of milk at a price of ~ 50 per litre per day' is a demand statement
A consumer never buys an inferior good, no matter how cheap it is
Both (a) and (b)
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उत्तर
Both (a) and (b)
APPEARS IN
संबंधित प्रश्न
Briefly explain any two reasons for the occurrence of the law of demand.
Symbolically, the functional relationship between Demand and Price can be expressed as ______.
The Law of Demand was introduced by ______.
State with reason whether you agree or disagree with the following statement.
There is an inverse relationship between price and demand.
The movement on or along the given demand curve is known as ______
Explain the law of demand.
State with reason whether you agree or disagree with the following statement :
When price of Giffen goods fall, the demand for it increases.
The following table shows the demand schedule for 3 consumers in a market.
| Price in (Rs) | Consumer 1 Demand in (kgs) | Consumer 2 Demand in (kgs) | Consumer 3 Demand in (kgs) | Market Demand |
| 10 | 1 | 2 | (i) ______ | 6 |
| 8 | 2 | (ii) ______ | 4 | 9 |
| 6 | 3 | 4 | 5 | 12 |
| 4 | 4 | 5 | 6 | (iii) ______ |
Based on the above hypothetical schedule answer the following questions.
- What is the demand of Consumer 3 priced at Rs 10 (i)?
- What is the demand of Consumer 2 priced at Rs 8 (ii)?
- Calculate the total market demand priced at Rs 4 (iii).
- From the above given table examine the relationship between price and demand.
- Mention any one exception to the law of demand.
According to the Law of Demand, what happens when the price of a commodity decreases, assuming no other factors change?
Why does the demand curve always slope downwards?
