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प्रश्न
The relationship between demand for a good and the price of its substitute is ______.
विकल्प
direct
inverse
no effect
can be direct and inverse
उत्तर
The relationship between demand for a good and the price of its substitute is direct.
Explanation:
When the price of a commodity rises, the consumer tends to buy more of its substitute and less of that commodity whose price has increased. This is known as the substitution effect.
संबंधित प्रश्न
Complete the following statement:
When less units are demanded at high price it shows ______.
Give economic term:
More quantity is demanded due to changes in the factors determining demand other than price.
Give an economic term:
A desire which is backed by willingness to purchase and ability to pay.
Observe the given diagram and answer the following questions:
- The rightward shift in demand curve ______.
- Leftward shift in demand curve ______.
- Price remains ______.
- An increase and decrease in demand come under ______.
Demand curve : ______ :: Supply curve : Upward
Tea and coffee : ______ :: Electricity : Composite demand
Steeper demand curve : Relatively inelastic demand :: Flatter demand curve: ______.
Total demand for a commodity from all the consumers at a given price during a given period of time −
Demand for a commodity which can be put to several uses −
Find the odd word
Types of demand -
Assertion (A): All desires are not demand.
Reasoning (R): In Economics, demand means a desire which is backed by willingness and ability to pay.
Identify & explain the concept from the given illustration.
Kaushik purchased 10 kgs of wheat for his monthly consumption at ₹ 40/- per kg.
Identify & explain the concept from the given illustratio.
Aman purchased sewing machines and furniture for his tailoring shop.
Identify & explain the concept from the given illustration.
Manish purchased 100 metres of cotton textile to produce readymade shirts at his garment factory.
Distinguish Between
Joint/Complementary demand and Composite demand
Distinguish Between
Individual demand schedule and Market Demand Schedule
Distinguish Between
Demand curve and Supply Curve
State with reason whether you agree or disagree with the following statement:
All desires are demand.
Study the following table, figure, passage and answer the question given below it.
| Price of commodity ‘ X | Quantity of ‘X‘ in kgs. | Market demand | ||
|
Consumer A |
Consumer B |
Consumer C |
A+B+C | |
| 10 | 5 | 10 | 15 | 30 |
| 8 | 10 | 15 | ______ | 45 |
| 6 | ______ | 20 | 25 | 60 |
| 4 | 20 | ______ | 30 | 75 |
| 2 | 25 | 30 | 35 | ______ |
| 1 | 30 | 35 | 40 | 105 |
- Complete the table. (2m)
- Draw Market demand curve based on above Market demand schedule and label it. (2m)
The demand for a commodity which can be put to several uses is known as ______.
Identify and explain the following concept:
A poor person wants to buy a car.
Identify and explain the concept from the given illustration:
Unemployed poor individual wishes to have branded costly wrist watch.
