Question

Distinguish between individual demand curve and market demand curve.

Solution

Individual demand curve is graphical representation of an individual demand schedule whereas market demand curve represents the curve which is horizontal summation of individual demand curves in the market.

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?

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Theory Of Consumer Behaviour

Distinguish between individual demand curve and market demand curve.

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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