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Which of the following is false regarding demand theory ?
- a)The Demand theory states that the higher the price of a product is, all else equal, the less of it will be demanded
- b)Demand Curve is Upward Sloping
- c)Demand theory is helpful in deciding the type of product to be produced
- d)Demand is defined as the quantity of good and services that customers are willing and able to purchase during a specified period under a given set of economic conditions.
Correct answer is option 'B'. Can you explain this answer?
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Most Upvoted Answer
Which of the following is false regarding demand theory ?a)The Demand ...
Demand
- Demand is just a consumer's desire to buy products and services immediately and to pay the price associated with them.
- Demand can be defined as the quantity of goods that consumers are prepared and willing to purchase at various prices within a specific time period.
- Hence, option 4 is True.
Important Points Law of demand
- The law of demand asserts that providing all other demand-affecting variables remain constant, there is an inverse relationship between a commodity's price and the quantity produced.
- It means that when an item's price decreases, demand for the good rises, and when a good's price increases, demand contracts.
- Hence, Option 1 is true as consumers prefer to buy less at high price and more at low price.
- Demand theory is helpful in deciding the type of product to be produced as it gives an idea about at what price the consumer is ready to buy the product and which product the consumer is demanding more.
- Hence, option 3 is true.
- As can be seen from the graph, when the price is 2 rs. individual buys 400 units of commodity and when the price rose to 5 rs., the demand falls to 100 units.
- So, the 'DD' is the demand curve that slopes downward due to the inverse relationship between price and demand.
- Hence, Option 2(Demand Curve is Upward Sloping) is false, and the correct answer is Option 2.
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Community Answer
Which of the following is false regarding demand theory ?a)The Demand ...
Demand
- Demand is just a consumer's desire to buy products and services immediately and to pay the price associated with them.
- Demand can be defined as the quantity of goods that consumers are prepared and willing to purchase at various prices within a specific time period.
- Hence, option 4 is True.
Important Points Law of demand
- The law of demand asserts that providing all other demand-affecting variables remain constant, there is an inverse relationship between a commodity's price and the quantity produced.
- It means that when an item's price decreases, demand for the good rises, and when a good's price increases, demand contracts.
- Hence, Option 1 is true as consumers prefer to buy less at high price and more at low price.
- Demand theory is helpful in deciding the type of product to be produced as it gives an idea about at what price the consumer is ready to buy the product and which product the consumer is demanding more.
- Hence, option 3 is true.
- As can be seen from the graph, when the price is 2 rs. individual buys 400 units of commodity and when the price rose to 5 rs., the demand falls to 100 units.
- So, the 'DD' is the demand curve that slopes downward due to the inverse relationship between price and demand.
- Hence, Option 2(Demand Curve is Upward Sloping) is false, and the correct answer is Option 2.
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Which of the following is false regarding demand theory ?a)The Demand theory states that the higher the price of a product is, all else equal, the less of it will be demandedb)Demand Curve is Upward Slopingc)Demand theory is helpful in deciding the type of product to be producedd)Demand is defined as the quantity of good and services that customers are willing and able to purchase during a specified period under a given set of economic conditions.Correct answer is option 'B'. Can you explain this answer?
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Which of the following is false regarding demand theory ?a)The Demand theory states that the higher the price of a product is, all else equal, the less of it will be demandedb)Demand Curve is Upward Slopingc)Demand theory is helpful in deciding the type of product to be producedd)Demand is defined as the quantity of good and services that customers are willing and able to purchase during a specified period under a given set of economic conditions.Correct answer is option 'B'. Can you explain this answer? for UGC NET 2024 is part of UGC NET preparation. The Question and answers have been prepared according to the UGC NET exam syllabus. Information about Which of the following is false regarding demand theory ?a)The Demand theory states that the higher the price of a product is, all else equal, the less of it will be demandedb)Demand Curve is Upward Slopingc)Demand theory is helpful in deciding the type of product to be producedd)Demand is defined as the quantity of good and services that customers are willing and able to purchase during a specified period under a given set of economic conditions.Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for UGC NET 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which of the following is false regarding demand theory ?a)The Demand theory states that the higher the price of a product is, all else equal, the less of it will be demandedb)Demand Curve is Upward Slopingc)Demand theory is helpful in deciding the type of product to be producedd)Demand is defined as the quantity of good and services that customers are willing and able to purchase during a specified period under a given set of economic conditions.Correct answer is option 'B'. Can you explain this answer?.
Which of the following is false regarding demand theory ?a)The Demand theory states that the higher the price of a product is, all else equal, the less of it will be demandedb)Demand Curve is Upward Slopingc)Demand theory is helpful in deciding the type of product to be producedd)Demand is defined as the quantity of good and services that customers are willing and able to purchase during a specified period under a given set of economic conditions.Correct answer is option 'B'. Can you explain this answer? for UGC NET 2024 is part of UGC NET preparation. The Question and answers have been prepared according to the UGC NET exam syllabus. Information about Which of the following is false regarding demand theory ?a)The Demand theory states that the higher the price of a product is, all else equal, the less of it will be demandedb)Demand Curve is Upward Slopingc)Demand theory is helpful in deciding the type of product to be producedd)Demand is defined as the quantity of good and services that customers are willing and able to purchase during a specified period under a given set of economic conditions.Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for UGC NET 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which of the following is false regarding demand theory ?a)The Demand theory states that the higher the price of a product is, all else equal, the less of it will be demandedb)Demand Curve is Upward Slopingc)Demand theory is helpful in deciding the type of product to be producedd)Demand is defined as the quantity of good and services that customers are willing and able to purchase during a specified period under a given set of economic conditions.Correct answer is option 'B'. Can you explain this answer?.
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