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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 suitable examples differentiate between complementary goods and substitute goods.
Explain clearly two factors which determine demand.
Identify the factor that affects market demand from the options below:
A substitute good is a good:
What will be the effect on demand for tea, if the price of coffee falls?
What will be the effect on demand for cars, if petrol becomes expensive?
State 2 types of related goods.
Give two examples of substitute goods.
Define complementary goods.
Give two examples of complementary goods.
