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प्रश्न
State whether the following statement is true or false. Give reasons.
The law of demand states a direct relationship between price and demand.
पर्याय
True
False
उत्तर
This statement is false.
Explanation:
No, the law of demand does not establish a direct relation. However, the law of demand maintains that there is an inverse relationship between price and quantity demanded of an item, meaning that as price rises, quantity demanded of a good decreases.
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संबंधित प्रश्न
Complete the following statement:
Symbolically, the functional relationship between Demand and Price can be expressed as ______.
Find the odd word
Assumptions to law of demand -
The Law of Demand was introduced by ______.
Increase in demand is caused by
State with reason whether you agree or disagree with the following statement :
When price of Giffen goods fall, the demand for it increases.
The following table shows the demand schedule for 3 consumers in a market.
| Price in (Rs) | Consumer 1 Demand in (kgs) | Consumer 2 Demand in (kgs) | Consumer 3 Demand in (kgs) | Market Demand |
| 10 | 1 | 2 | (i) ______ | 6 |
| 8 | 2 | (ii) ______ | 4 | 9 |
| 6 | 3 | 4 | 5 | 12 |
| 5 | 4 | 5 | 6 | (iii) ______ |
Based on the above hypothetical schedule answer the following questions.
- What is the demand of Consumer 3 priced at Rs 10 (i)
- What is the demand of Consumer 2 priced at Rs 8 (ii)
- Calculate the total market demand priced at Rs 4 (iii)
- From the above given table examine the relationship between price and demand.
- Mention any one exception to the law of demand.
Giffen goods are richman's goods
What is meant by the income effect of a fall in the prices of a commodity?
Identify the correct statement from the following alternatives:
The following table shows the amount of sugar bought by a household at different prices:
| Period | Price (₹ per kg) | Amount Bought (kg) |
| Jan. 2000 | ₹ 15 | 4 |
| Feb. 2000 | ₹ 16 | 5 |
Does the behaviour of household contradict the law of demand? Give reasons in support of your answer.
