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प्रश्न
Explain briefly anyone determinant of an exceptional demand curve.
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उत्तर
The bandwagon effect is an exception to the law of demand, as price and demand do not move in opposite directions. The bandwagon effect means that a consumer’s demand for a commodity gets influenced by the taste and preference of the social class to which the consumer belongs. For example, a businessman may increase the demand for golf balls in order to show that he is a successful businessman.
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संबंधित प्रश्न
State with reason whether you agree or disagree with the following statement:
There are no exceptions to the law of demand.
Questions:
- Demand Curve D1D1indicates ______ (1m)
- Demand Curve D2D2indicates______ (1m)
- Name the above diagram and explain. (2m)
State with reasons whether you agree or disagree with the following statement:
There is a direct relationship between the price of Giffen goods and its demand.
State with reasons whether you agree or disagree with the following statement:
When price of Giffen goods fall, the demand for it increases.
State with reason whether you agree or disagree with the following statement:
When price of Giffen goods fall, the demand for it increases.
State with reasons whether you agree or disagree with the following statements :
When price of Giffen goods fall, the demand for it increases.
State with reason whether you agree or disagree with the following statement:
When price of Giffen goods fall, the demand for it increases.
Mention one exception to the law of demand. Give one point only.
What is contraction in demand?
Give one point each of similarity and dissimilarity between Giffen goods and Veblen goods.
