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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
Distinguish between extension and contraction of demand.
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.
Any statement about demand for a good is considered complete only when the following is/are mentioned in it:
If with the rise in price of good Y, demand for good X rises, the two goods are:
Giffen goods are richman's goods
State the law of demand.
What does the term "ceteris paribus" mean in relation 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?
Which formula correctly expresses the factors that determine the demand for a commodity?
Why does the demand curve always slope downwards?
