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Theory Of Consumer Behaviour

Question

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Distinguish between individual demand schedule and market demand schedule.

Solution

Individual demand schedule is a table indicating an individual household's demand of a commodity at different levels of prices whereas market demand schedule is a table showing total demand of the commodity in the market at different levels of prices in a given period of time.

Some More Questions From Theory Of Consumer Behaviour Chapter

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.

Give an example of a pair of commodities that are substitutes of each other.

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