Question

(8) Which one has no realtion with demand curve ?
(A) Specific time
(B) Specific price
(C) Consumer
(D) Supply



(9) Who has presented law of demand ?
(A) Adam Smith
(B) Alfred Marshall
(C) Robbins
(D) Keynes


(10) When products are expensive then how is the demand of prestigious goods of the rich ?
(A) More
(B) Less
(C) Zero
(D) Negative​

Answer 1

Answer:

d. Supply

b. Alfred Marshall

a. Zero

Answer 2

Supply has no relation with demand.

• In economics, supply and demand refer to the relationship between the quantity of a commodity that producers want to sell at different prices and the quantity that consumers want to buy.

Alfred Marshall presented the law of demand.

• According to Marshall, "the greater the amount to be world, the lower the price at which it must be offered to find purchasers; or, in other words, the amount demanded increases with a fall in price and decreases with a price rise."

When products are expensive then more is the demand of prestigious goods of the rich.

• Certain goods, according to Veblen, become more valuable as their price rises. When a product is expensive, its value and utility are perceived to be greater, and thus demand for that product rises.

Hence, answer to the given question is (D), (B), (A).