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Law of Demand and Demand Curve Video Lecture | Economics Class 11 - Commerce

FAQs on Law of Demand and Demand Curve Video Lecture - Economics Class 11 - Commerce

1. What is the law of demand?

Ans. The law of demand states that, all other factors being equal, as the price of a good or service increases, the quantity demanded for that good or service decreases, and vice versa. In simpler terms, people tend to buy less of a product when its price goes up.

2. What is a demand curve?

Ans. A demand curve is a graphical representation of the law of demand. It shows the relationship between the price of a product and the quantity demanded by consumers. The curve slopes downward from left to right, indicating that as price increases, quantity demanded decreases, and as price decreases, quantity demanded increases.

3. How is the demand curve derived?

Ans. The demand curve is derived by plotting the price of a product on the vertical axis and the quantity demanded on the horizontal axis. Data on price and quantity demanded is collected and plotted to create a series of points, which are then connected to form the demand curve.

4. What factors can shift the demand curve?

Ans. Several factors can shift the demand curve. These include changes in consumer income, prices of related goods, consumer preferences, population size, and advertising and marketing efforts. For example, if consumer income increases, the demand for normal goods may increase, shifting the demand curve to the right.

5. How does the law of demand impact businesses?

Ans. The law of demand is crucial for businesses as it helps them understand how changes in price can affect consumer behavior and demand for their products. By analyzing the demand curve, businesses can make informed decisions on pricing strategies, production levels, and marketing efforts to maximize their profits. Understanding the law of demand also allows businesses to anticipate and respond to changes in consumer preferences and market conditions.

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Jul 17, 2025 Last updated

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Video Description: Law of Demand and Demand Curve for Commerce 2025 is part of Economics Class 11 preparation. The notes and questions for Law of Demand and Demand Curve have been prepared according to the Commerce exam syllabus. Information about Law of Demand and Demand Curve covers all important topics for Commerce 2025 Exam. Find important definitions, questions, notes, meanings, examples, exercises and tests below for Law of Demand and Demand Curve.

Introduction of Law of Demand and Demand Curve in English is available as part of our Economics Class 11 for Commerce & Law of Demand and Demand Curve in Hindi for Economics Class 11 course. Download more important topics related with notes, lectures and mock test series for Commerce Exam by signing up for free.

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	Economics Class 11 59 videos\|277 docs\|51 tests

Economics Class 11

59 videos|277 docs|51 tests

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