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Theory Of Consumer Behaviour

Question

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Distinguish between movement along a demand curve and shift in demand curve.

Solution

A demand curve which shows change in demand due to change in price alone is called movement along a demand curve. Shift in demand curve denotes shifting of original demand curve rightward or leftward when demand changes at the same price of the commodity.

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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