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Theory Of Consumer Behaviour

Question

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Explain reasons behind law of demand.

Solution

Solution not provided.

Tips: -

Hint, (i) Law of diminishing marginal utility, (ii) Substitution effect, and (iii) Income effect.

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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