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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
Briefly explain any two reasons for the occurrence of the law of demand.
In case of relatively more elastic demand, the shape of the curve is
Explain the law of demand.
Write a statement of the Law 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 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:
What is meant by the income effect of a fall in the prices of a commodity?
Why does the demand curve always slope downwards?
