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Question
Assertion (A): The statement 'A consumer buys 2 litres of milk everyday at a price of ₹50 per litre of milk' is demand statement.
Reason (R): The demand for a commodity is always expressed with references to price and time.
Options
Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A).
Both Assertion (A) and Reason (R) are true and Reason (R) is not the correct explanation of Assertion (A).
Assertion (A) is true but Reason (R) is false.
Assertion (A) is false but Reason (R) is true.
Solution
Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A).
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RELATED QUESTIONS
From the set of statements given in Column I and Column II, choose the correct pair of statements:
| Column I | Column II |
| A. Normal goods | (i) Goods the demand for which tends to fall with increase in income. |
| B. Inferior goods | (ii) Goods which cannot be used in place of one another. |
| C. Substitute goods | (iii) Goods which can be used in place of one another. |
| D. Joint demand | (iv) Goods the demand for which rise with increase in income. |
What are inferior goods?
What do you mean by complementary goods?
Give the meaning of Price demand.
Give the meaning of Income demand.
What are Veblen goods?
Given an example of Veblen goods.
Car and petrol are examples of ______ demand.
Tea and coffee are examples of ______.
Detergent powder and detergent cake are examples of ______.
