Download App

Theory of consumer behaviour — Economics STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceEconomicsTheory of consumer behaviour3 Marks
Question
'Law of Demand is price demand'. Comment.
✓

Answer

A movement along a demand curve occurs when the Law of Demand operates primarily on account of change in price of the commodity. An increase in price, decreases the demand and vice-versa. Hence, Law of Demand is a price demand as it is affected by price.

Need a full question paper?

Generate a complete, print-ready paper with questions like this in minutes — across 16+ boards, with answer keys.

Start Generating Free

Explore more

More "3 Marks Question" from Theory of consumer behaviour→Theory of consumer behaviour — all question types→Economics STD 11 Commerce question papers→CBSE Board STD 11 Commerce question papers→CBSE Board question paper generator→

Similar questions

Explain the significance of the feature 'product differentiation' in monopolistic competition.
→
When price of a good is $₹ 7$ per unit, a consumer buys $₹ 12$ units. When price falls to $₹ 6$ per unit he spends $₹ 72$ on the good. Calculate price elasticity of demand by using the percentage method. Comment on the likely shape of demand curve based on this measure of elasticity.
→
‘Change in demand’ and ‘change in quantity demanded’.
→
Explain how rise in income of a consumer affects the demand of a good. Give example.
OR
Explain the effect of rise in a income of a consumer on his demand for a good. Use diagram.

OR
Explain the effects of increase in the income of the buyer of the good $'X'$ on the demand of $X.$ Use diagram.
→
What is the likely effect on the supply of a good if the prices of the inputs used in production of that good fall? Explain.
→
What are the effects of 'price-floor' (minimum price ceiling) on the market of a good? Use diagram.
→
What will likely be the impact of large-scale outflow of foreign capital on Production Possibilities Curve of the economy and why?
→
If a good can be used for many purposes, the demand for it will be elastic. Why?
→
Complete the following table:
Units of labour
TP
$\text{MP}_\text{L}$
$\text{AP}_\text{L}$
1.
20
-
-
2.
-
22
-
3.
-
-
22
→
In order to encourage tourism in Goa, Indian Airlines reduces the air fare to Goa. How will it affect market demand curve for air travel to Goa?
→