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प्रश्न
If a buyer buys less of a commodity when his income falls, how will his demand curve change? Illustrate your answer with a diagram.
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उत्तर
A buyer will buy less commodities with a fall in income for a normal good. Such a situation is known as a decrease in demand. The given figure represents the situation of a decrease in demand A decline in demand due to a drop in income leads the demand curve to shift downhill or leftward.
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संबंधित प्रश्न
With help of an example explain the term complementary goods.
With suitable examples differentiate between complementary goods and substitute goods.
Identify the factor that affects market demand from the options below:
The wide gap between the rich and poor with reference to income highlights ______ determinant of the market demand.
A substitute good is a good:
What will be the effect on demand for cars, if petrol becomes expensive?
Explain any four factors which determine the market demand.
Define substitute goods.
Give two examples of substitute goods.
Define complementary goods.
