Question : The law of demand states that when _____.

Option 1: income and price rise demand rises

Option 2: income rises demand rises

Option 3: price rises demand rises

Option 4: price falls demand rises

Question : In which of the following cases does the law of demand fail?

Option 1: Giffen goods

Option 2: Normal goods

Option 3: Inferior goods

Option 4: Both Giffen and inferior goods

Question : If a consumer's demand for a good moves in the same direction as the consumer's income, the consumer's demand for that good must be inversely related to the price of the good, which is called _____.

Option 1: law of demand

Option 2: law of supply

Option 3: law of substitute

Option 4: law of optimal choice

Question : Law of Demand defines the relationship between price and quantity of commodities for typical goods as follows:

Option 1: Positive

Option 2: Constant 

Option 3: Negative

Option 4: None of the above

Question : Marshall established the law of Equimarginal Utility:

Option 1: Related to money
 

Option 2: Related to goods

Option 3: Both of the above

Option 4: All of the above