Advertisements
Advertisements
Question
Identify the correct statement from the following alternatives:
Options
Taj Mahal tea and Tata tea are examples of substitute goods.
'A consumer buys 2 litres of milk at a price of ~ 50 per litre per day' is a demand statement
A consumer never buys an inferior good, no matter how cheap it is
Both (a) and (b)
Advertisements
Solution
Both (a) and (b)
APPEARS IN
RELATED QUESTIONS
Find the odd word
Assumptions to law of demand -
The movement on or along the given demand curve is known as ______
Distinguish between extension and contraction of demand.
Explain 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.
State the law of demand.
What is meant by the income effect of a fall in the prices of a commodity?
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?
Why does the demand curve always slope downwards?
