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Theory Of Consumer Behaviour

Question

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Law of demand states that price and demand are directly related to each other.

Solution

False as according to law of demand, price and demand are inversely related to each other.

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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