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Theory Of Consumer Behaviour
Question
What is law of demand?
Solution
Other things being equal, quantity demanded of a commodity is inversely related to the price of the commodity, i.e. demand rises when price falls and demand falls when price rises.
Some More Questions From Theory Of Consumer Behaviour Chapter
What is meant by marginal rate of substitution (MRS)?
Why is MRS always diminishing?
When does a consumer attain equilibrium according to indifference curve approach?
Give meaning of demand.
Name two determinants of demand.
List the factors that cause changes in demand.
What is law of demand?
What is demand schedule?
Why does demand curve slope downwards?
Differentiate between substitute and complementary goods.
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Mock Test Series
Mock Test Series