Question : Because of the following, an individual demand curve slopes downward to the right:
A: The application of the law of diminishing marginal utility
B: The substitution effect of a price decrease
C: Income impact of price decrease

Option 1: Only A correct

Option 2: Only B correct

Option 3: Only B and C correct

Option 4: A, B and C all are correct

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

Question : Assertion: When the price of a good decrease, its quantity demanded increases.
Reason: The law of demand states an inverse relationship between price and quantity demanded.

Option 1: Both the assertion and reason are correct and related.

Option 2: Both the assertion and reason are correct but not related.

Option 3: The assertion is correct, but the reason is incorrect.

Option 4: The assertion is incorrect, but the reason is correct.

Question : Assertion: When the price of a product decreases, its quantity demanded increases.

Reason: The law of demand states an inverse relationship between price and quantity demanded.

Option 1: Both the assertion and reason are correct and related.

Option 2: Both the assertion and reason are correct but not related.

Option 3: The assertion is correct, but the reason is incorrect.

Option 4: The assertion is incorrect, but the reason is correct.

Question : Assertion: When the price of a good decreases, its quantity demanded increases.

Reason: The law of demand states an inverse relationship between price and quantity demanded.

Option 1: Both the assertion and reason are correct and related.

Option 2: Both the assertion and reason are correct but not related.

Option 3: The assertion is correct, but the reason is incorrect.

Option 4: The assertion is incorrect, but the reason is correct.