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Economics: Law of Demand

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Questions and Answers

What is assumed to be constant under the law of demand?

Quantity demanded

Income of consumers

Price of the good

Prices of related commodities, income of consumers, tastes and preferences of consumers, and all other factors (correct)

What is the relationship between price and quantity demanded according to the law of demand?

Constant

Direct

Inverse (correct)

Variable

What happens to the quantity demanded when the price of a good rises?

It becomes unstable

It increases

It remains constant

It decreases (correct)

Who defined the law of demand as 'The greater the amount to be sold, the smaller must be the price at which it is offered'?

Prof. Alfred Marshall Signup and view all the answers

What is the condition under which the inverse price-demand relationship may not hold good?

When the factors that determine demand also undergo a change Signup and view all the answers

What is the law of demand primarily concerned with?

The relationship between price and quantity demanded Signup and view all the answers

Economics: Law of Demand

Choose a study mode

Podcast

Questions and Answers

What is assumed to be constant under the law of demand?

What is the relationship between price and quantity demanded according to the law of demand?

What happens to the quantity demanded when the price of a good rises?

Who defined the law of demand as 'The greater the amount to be sold, the smaller must be the price at which it is offered'?

What is the condition under which the inverse price-demand relationship may not hold good?

What is the law of demand primarily concerned with?

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