Advertisements
Advertisements
प्रश्न
If prices of cars rise, many people may put off buying a new car. So the demand for petrol will fall.
पर्याय
True
False
Advertisements
उत्तर
This statement is True.
Explanation:
If car prices rise, some people may delay or avoid purchasing a new car. Since cars and petrol are complementary goods, a decrease in car purchases would likely lead to a decrease in the demand for petrol.
APPEARS IN
संबंधित प्रश्न
State with reason whether you agree or disagree with the following statement.
There is an inverse relationship between price and demand.
Increase in demand is caused by
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 |
| 5 | 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 with the rise in price of good Y, demand for good X rises, the two goods are:
Giffen goods are richman's goods
Pick the option which does not belong to the group:
Identify the correct statement from the following alternatives:
Which formula correctly expresses the factors that determine the demand for a commodity?
Which of the following is NOT an assumption of the Law of Demand ?
