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प्रश्न
If a buyer buys less of a commodity when his income falls, how will his demand curve change? Illustrate your answer with a diagram.
उत्तर
A buyer will buy less commodities with a fall in income for a normal good. Such a situation is known as a decrease in demand. The given figure represents the situation of a decrease in demand A decline in demand due to a drop in income leads the demand curve to shift downhill or leftward.
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संबंधित प्रश्न
With help of an example explain the term complementary goods.
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What will be the effect on demand for tea, if the price of coffee falls?
Explain any four factors which determine the market demand.
State 2 types of related goods.
Define substitute goods.
Give two examples of substitute goods.
Define complementary goods.
