Question

What are increase in demand and decrease in demand?

Solution

Rise in demand due to change in factors other than the price (i.e., at the same price) is called increase in demand whereas fall in demand due to change in factors other than the price (i.e., at the same price) is called decrease in demand.

Some More Questions From Theory Of Consumer Behaviour Chapter

What are two approaches to attain the state of consumer's equilibrium?

Define indifference curve.

What is meant by marginal rate of substitution (MRS)?

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Theory Of Consumer Behaviour

What are increase in demand and decrease in demand?

Some More Questions From Theory Of Consumer Behaviour Chapter

What are two approaches to attain the state of consumer's equilibrium?

Define indifference curve.

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?

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