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प्रश्न
In which exception to the law of demand does the consumer equate price and quality.
विकल्प
Bandwagon Effect
Veblen Effect
Giffen Effect
Conspicous consumption
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उत्तर
Veblen Effect
संबंधित प्रश्न
Distinguish between:
Inferior goods and superior goods
Statements that explain Giffen’s paradox:
- It is an exception to the law of demand.
- It is applicable to inferior or low quality goods.
- Demand increases when the prices of inferior goods fall
- It was identified by Prof. Alfred Marshall.
State with reason whether you agree or disagree with the following statement:
There are no exceptions to the law of demand.
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Questions:
- Diagram’ A ‘represents _____in demand (1m)
- Diagram ‘B’ represents _____in demand (1m)
- In diagram ‘A’ movement of demand curve is in_____ direction (1m)
- In diagram ‘B’ movement of demand curve is in______ direction (1m)
State with reasons whether you agree or disagree with the following statement:
When price of Giffen goods fall, the demand for it increases.
When price of Giffen goods fall, the demand for it increases.
Mention one exception to the law of demand. Give one point only.
Give one point each of similarity and dissimilarity between Giffen goods and Veblen goods.
Explain the following diagram with reference to the concept of Giffen goods.
Why are prestige good an exception to the law of demand?
