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Theory Of Consumer Behaviour

Question

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Distinguish between individual demand and market demand.

Solution

Individual demand refers to the quantity of the commodity that an individual household is willing to buy at different prices in a given period of time. Market demand refers to the total quantity for the commodity that all the individual households in the market are willing to buy at different prices in a given period of time.

Some More Questions From Theory Of Consumer Behaviour Chapter

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.

What is meant by one good being substitute of other?

What is meant by one good being complementary to another.

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