Advertisements
Advertisements
Question
Milk is used for making curd, sweets and chocolates.
What type of demand does milk have? Give a reason.
Advertisements
Solution
Milk has a composite demand since it has several uses and can be produced into multiple products such chocolates, sweets, curd, etc.
APPEARS IN
RELATED QUESTIONS
Demand for necessaries is................
(elastic / inelastic / infinitely elastic / unitary elastic)
Compare inelastic demand with perfectly inelastic demand.
Distinguish between ‘increase in demand’ and increase in quantity demanded of a good.
Write short answer for the following question.
Explain the Law of Demand.
State and explain the law of demand.
Write whether the following statement is True or False:
Demand curve has a positive slope.
Match the following:
|
Group A
|
Group B
|
|
1. Demand and price
|
a. Substitute goods
|
|
2. Tea and coffee
|
b. Inverse relation
|
|
3. Inferior goods
|
c. Joint demand
|
|
4. Factors of production
|
d. Distribution of income
|
|
5. Pen and ink
|
e. Composite demand
|
|
|
f. Giffen goods
|
|
|
g. Indirect demand
|
Define the following concept:
Derived demand
State whether the following statement is True or False:
Demand for luxurious goods is elastic .
Distinguish between normal goods and inferior goods, with examples.
State whether the following statement is true or false. Give reasons for your answer :
X and Y are complementary goods. A fall in the price of Y will result in a rise in the price of X.
Good X and Good Y are substitute goods. If price of Good X increases, discuss briefly its likely impact on the demand for Good Y.
If the price of good X rises and it leads to an increase in demand for good Y, both are ______ goods.
There is a sudden change in climatic conditions resulting in hot weather. Assuming no change in the price of the cold drinks, it will lead to ______
Law of demand states the ______ relationship between price and quantity demanded.
What will be the effect on equilibrium price and equilibrium quantity when income increases in case of normal goods?
Which of the following statements is true?
Which of the following is the reason behind the downward slope of demand option?
Which of the following is a flow concept associated with demand?
