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प्रश्न
Giffen goods are richman's goods
पर्याय
True
False
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उत्तर
This statement is False.
Explanation:
Giffen goods are not rich man's goods. Giffen goods are a type of inferior good for which demand increases as the price increases, contrary to the typical law of demand. This situation arises due to the strong income effect outweighing the substitution effect, which is more common among low-income consumers. Therefore, the statement is False.
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संबंधित प्रश्न
The Law of Demand was introduced by ______.
State with reason whether you agree or disagree with the following statement.
There is an inverse relationship between price and demand.
Distinguish between extension and contraction 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.
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:
State the law of demand.
Identify the correct statement from the following alternatives:
According to the Law of Demand, what happens when the price of a commodity decreases, assuming no other factors change?
