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
Correct Answer: Consumer's preference
Solution : The correct answer is Consumer's preference.
The law of demand is a fundamental principle of economics that states that at a higher price, consumers will demand a lower quantity of goods, specifically how consumers make choices regarding the quantity of goods and services they are willing to purchase at different price levels. The law of demand states that, all else being equal, as the price of a good or service decreases, the quantity demanded for that good or service increases, and vice versa.
Answer Key | Eligibility | Application | Admit Card | Preparation Tips | Result | Cutoff
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 : Which law was developed in the 1600s to describe that any force applied to a confined fluid is transmitted equally in all directions, regardless of the shape of the container?
Option 1: Magnus's law
Option 2: Graham's law
Option 3: Pascal's law
Option 4: Torricelli's law
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
Question : Newton's first law is also known as:
Option 1: Law of friction
Option 2: Law of momentum
Option 3: Law of inertia
Option 4: Law of motion
Question : Directions: Mukesh's sister is the wife of Ramesh. Ramesh is Rani's only brother. Ramesh's father is Madhur. Sheetal is Ramesh's paternal grandmother. Rema is Sheetal's daughter-in-law. Ronit is Rani's brother's son. How is Ronit related to Mukesh?
Option 1: Son
Option 2: Nephew
Option 3: Brother
Option 4: Brother-in-law
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile