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प्रश्न
State whether the following statement is true or false. Give reasons.
The law of demand states a direct relationship between price and demand.
विकल्प
True
False
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उत्तर
This statement is false.
Explanation:
No, the law of demand does not establish a direct relation. However, the law of demand maintains that there is an inverse relationship between price and quantity demanded of an item, meaning that as price rises, quantity demanded of a good decreases.
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संबंधित प्रश्न
Symbolically, the functional relationship between Demand and Price can be expressed as ______.
State with reason whether you agree or disagree with the following statement.
There is an inverse relationship between price and demand.
Increase in demand is caused by
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 |
| 5 | 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.
If with the rise in price of good Y, demand for good X rises, the two goods are:
If prices of cars rise, many people may put off buying a new car. So the demand for petrol will fall.
Pick the option which does not belong to the group:
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?
