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प्रश्न
Give one point each of similarity and dissimilarity between Giffen goods and Veblen goods.
उत्तर
- Similarity: In case of both - Giffen goods and Veblen goods, demand curve slopes upward indicating positive relationship between price and quantity demanded.
- Dissimilarity: Giffen goods are demanded by its poor people whereas Veblen goods are demanded by the rich people.
APPEARS IN
संबंधित प्रश्न
Distinguish between:
Inferior goods and superior goods
State with reason whether you agree or disagree with the following statement:
When the price of Giffen goods falls, the demand for it increases.
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Questions:
- Diagram’ A ‘represents _____in demand (1m)
- Diagram ‘B’ represents _____in demand (1m)
- In diagram ‘A’ movement of demand curve is in_____ direction (1m)
- In diagram ‘B’ movement of demand curve is in______ direction (1m)
PASSAGE
Mona visits a shopping mall near her residence. She shops for monthly groceries which include rice, wheat, sugar, cooking oil and pulses. She purchases additional quantities of sugar much more than her monthly requirement anticipating that prices may rise in the coming days due to festivities.
She observes two different qualities of tur dal out of which one quality is inferior and the other is superior. She does not purchase the low quality tur dal even though its price is comparatively lower. Instead she prefers to buy superior quality tur dal.
- Identify the exception to the law of demand in the given passage with reference to purchase of additional quantities of sugar much more than monthly requirement anticipating that prices may rise in the coming days due to festivities (1mark)
- Identify the kind of good with reference to low quality tur dal (1mark)
- Express your personal opinion based on the above information. (2 marks)
State with reason whether you agree or disagree with the following statement:
When price of Giffen goods fall, the demand for it increases.
State with reason whether you agree or disagree with the following statements:
When price of Giffen goods fall, the demand for it increases.
State with reason whether you agree or disagree with the following statement:
When price of Giffen goods fall, the demand for it increases.
'Price is an indicator of quality'. The statement applies to ______.
What is contraction in demand?
Why are prestige good an exception to the law of demand?
