Theory of Demand

What is demand

• Desire with purchasing power

• Desire to satisfy a want

How are Demand and price related to each other

• Directly

• Inversely

What can be the Related goods

• Substitutes and complementaries

• Perishable and durable goods

How are Demand for superior goods and income of the consumer related to each other

• Directly

• Indirectly

How does demand curve slopes

• Upwards

• Downwards

Which goods are exception to law of demand

• Giffen goods

• Luxury goods

Veblen effect is seen in which class of people

• Middle class people

• Rich class people

When a commodity has multiple uses how will be the demand for that commodity when it's price fall

• Greater demand

• Less demand

How does the demand curve slopes in case of complementary goods

• Downwards

• Upwards

Cardinal utility is given by

• Hicks and Allen

• Alfred Marshall