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प्रश्न
If with the rise in the price of good Y, demand for good X rises, the two goods are: (Choose the correct alternative)
a. Substitutes
b. Complements
c. Not related
d. Jointly demanded
उत्तर
Substitutes
An increase in the price of Good Y causes an increase in the demand for Good X because these goods can be substituted with each other (e.g. coffee and tea). Increase in the price of coffee will increase the demand for tea, i.e. consumers will shift from the purchase of coffee to the purchase of tea.
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संबंधित प्रश्न
Explain the law of demand with its assumptions.
State and explain the ‘law of demand’ with its exceptions.
When does ‘increase’ in demand take place?
Prices of other goods and demand for the given good.
Explain how do the following influence demand for a good:
i. Rise in income of the consumer.
ii. Fall in prices of the related goods
Fill in the blank using proper alternative given in the bracket:
Market demand is a total demand of...............buyers.
Define or explain the following concept.
Market Demand .
State with reason, whether you Agree or Disagree with the following statement.
The demand curve slopes downward from left to right.
Write explanatory notes or answer the following.
Aggregate demand
State with reasons whether you ‘agree’ or ‘disagree’ with the following statement.
Demand curve slopes downward from left to right.
Statements related to decrease in demand
- It is a type of change in demand
- It takes place due to unfavourable changes in other factors like tastes, income etc.
- Price remains constant
- Demand curve shifts to the right hand side of the original demand curve
The shape of supply curve is ______
The demand curve for foreign exchange is ______
Explain why the demand curve slopes downwards.
Study the following table and answer the questions:
| Price of Ice Cream (₹) | Quantity Supplied | Market Supply | ||
| Seller A | Seller B | Seller C | (A + B + C) | |
| 50 | 0 | 2 | 5 | 7 |
| 100 | 1 | `square` | 10 | 15 |
| 150 | `square` | 6 | 15 | 23 |
| 200 | 3 | 8 | 20 | `square` |
| 250 | 4 | 10 | `square` | 39 |
Questions:
- Complete the above table.
- State whether the following statements are True or False.
(a) Market supply has a direct relation to price.
(b) As the price rises from ₹50 to ₹250, market supply rises from 7 to 39. This indicates an increase in supply.
Figures (A), (B) and (C) given below represent different types of Demand curves.
 |
 |
 |
| (A) | (B) | (C) |
What kind of goods do each of these Demand curves represent? Give a reason for each of the curves.
Draw a straight-line demand curve joining both the axes. Indicate the following on the demand curve.
Elasticity of demand is equal to zero
