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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.
Symbolically, the functional relationship between Demand and Price can be expressed as ______.
The movement on or along the given demand curve is known as ______
State and explain the law of demand with the help of a hypothetical schedule and graph.
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.
If a good is inferior good, then purchases of that good will decrease when ______.
Pick the option which does not belong to the group:
Identify the correct statement from the following alternatives:
The following table shows the amount of sugar bought by a household at different prices:
| Period | Price (₹ per kg) | Amount Bought (kg) |
| Jan. 2000 | ₹ 15 | 4 |
| Feb. 2000 | ₹ 16 | 5 |
Does the behaviour of household contradict the law of demand? Give reasons in support of your answer.
Which of the following is NOT an assumption of the Law of Demand ?
