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Theory Of Consumer Behaviour

Question

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What factors lead to shift in demand curve?

Solution

(i) Change in income of buyers, (ii) change in price of a related good, (iii) change (favourable or unfavourable) in taste of commodity.

Some More Questions From Theory Of Consumer Behaviour Chapter

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.

Give an example of a pair of commodities such that one of them is complementary in consumption to the other.

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