Advertisements
Advertisements
Question
Any statement about demand for a good is considered complete only when the following is/are mentioned in it:
Options
Price of the good
Quantity of the good
Period of time
All of the above
Advertisements
Solution
All of the above
Explanation:
A statement about demand for a good is considered complete only when it includes:
- Price of the good: Demand is always linked to a specific price level.
- Quantity of the good: It specifies how much of the good is demanded.
- Period of time: Demand is typically measured over a specific period, such as per day, week, month, etc.
RELATED QUESTIONS
Symbolically, the functional relationship between Demand and Price can be expressed as ______.
Increase in demand is caused by
The movement on or along the given demand curve is known as ______
In case of relatively more elastic demand, the shape of the curve is
Distinguish between extension and contraction of demand.
Explain the law of demand.
Write a statement of 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.
When at a price of ₹ 5 per unit of a commodity, A's demand is for 11 units, B's demand is for 14 units and C's demand is for units (assuming that there are only three consumers in the market), the market demand is ______.
If prices of cars rise, many people may put off buying a new car. So the demand for petrol will fall.
If a good is inferior good, then purchases of that good will decrease when ______.
State the law of demand.
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.
State whether the following statement is true or false. Give reasons.
The law of demand states a direct relationship between price and demand.
According to the Law of Demand, what happens when the price of a commodity decreases, assuming no other factors change?
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 ?
