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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
Distinguish between:
Inferior goods and superior goods
State with reason whether you agree or disagree with the following statement:
There are no exceptions to the law of demand.
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 reason whether you agree or disagree with the following statement:
When price of Giffen goods fall, the demand for it increases.
‘Price is an indicator of quality.’ The statement applies to ______.
“The inverse relationship between price and quantity demanded does not hold good in many cases.”
- Justify the above as Yes or No.
- If justified, explain in brief the Giffen Effect.
State with reasons whether you agree or disagree with the following statement:
When price of Giffen goods fall, the demand for it increases.
State two circumstances under which the demand curve slopes upwards to the right.
Why do people buy more luxury goods when prices go up, defying the usual law of demand?
Which situation is an example of speculation affecting demand?
