Question : Law of Demand states that there is a negative relationship between ______.
Option 1: demand for a commodity and its supply
Option 2: demand for a commodity and its price
Option 3: tax on a commodity and its price
Option 4: supply of a commodity and its price
Correct Answer: demand for a commodity and its price
Solution : The correct option is demand for a commodity and its price.
The Law of Demand asserts a negative relationship between the price of a commodity and the quantity demanded. As the price rises, demand tends to decrease, and vice versa. This inverse correlation reflects consumers' inclination to buy more at lower prices and less at higher prices, influencing market dynamics.
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Question : Which law states that with constant taste and preference, the proportion of income spent on food stuff diminishes as income increases?
Option 1: Say's Law
Option 2: Griffin's Law
Option 3: Gresham's Law
Option 4: Engel's Law
Question : The law of demand is based on:
Option 1: Manufacturer's preference
Option 2: Seller's preference
Option 3: Supplier's preference
Option 4: Consumer's preference
Question : In 1834, who proposed a law that states that the current induced by a change in flow opposes the effect of creating the change?
Option 1: David Brewster
Option 2: Henry Moseley
Option 3: Christian Johann Doppler
Option 4: Heinrich Friedrich Lenz
Question : The third stage of the law of variable proportion is called:
Option 1: negative return
Option 2: positive return
Option 3: constant return
Option 4: increasing return
Question : The Newton's First law is also called as:
Option 1: Law of moments
Option 2: Law of interia
Option 3: Law of energy
Option 4: law of momentum
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