WorksheetsLaw of Demand
Total questions: 10
Worksheet time: 3hrs 30mins
Desire, Capacity and Willingness gives rise to___________
Need
Want
Demand
All of the Above
Demand can be defined as the quantity of a product that consumers are able and willing to purchase
at a particular price
during a specified period of time provided
other things remain constant
All of the above
A. If a person is willing to purchase a product but is not able to purchase it.
B. If a person is able to purchase a certain quantity of a product but is not willing to purchase it
Both are considered as Demand
(A) is demand while (B) is not
(B) is demand while (A) is not
Both cannot be considered as Demand
Other things remaining the same, the amount demanded increases with a fall in price and diminishes with a rise in price.
Is it true for Law of Demand
It is incorrect for the Law of Demand
It is true for Law of Supply
It is incorrect for the Law of Supply
Law of demand will be applicable only if:
a. No change in price of related commodities.
b. No Change in Population.
c. Changes in Supply
d. Change in Income of the consumer
a & b
a, b & d
b & d
All of the Above
Giffen Goods are those, the demand for which
Decreases with the fall in Income
Increases with the rise in Income
Decreases with the rise in Income
None of the Above
The example of goods of Snob Appeal or Veblen Goods would be
Buying a Ferrari
Buying basic utilities
Buying a Car Insurance
Opening up a Bank Account
Pizza and a Burger would be an example for
Complementary Goods
Substitute Goods
Both
Neither
An example of Substitute goods could be:
Car and Fuel
Mobile Phone and Charging cable
Butter and Jam
Bread and Butter
Fear of Shortage is an exception to the law of Demand
True
False
