+91-8076753736 support@wiredfaculty.com

Sponsor Area

Theory Of Consumer Behaviour

Question

Wired Faculty App

Law of demand explains quantitative relationship between price and demand.

Solution

False as law of demand explains qualitative (i.e., inverse) relationship between price and demand.

Some More Questions From Theory Of Consumer Behaviour Chapter

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?

Why does demand curve slope downwards?

Mock Test Series

Mock Test Series

NCERT Sample Papers

Entrance Exams Preparation