Question

Giving reasons, state whether the following statements are true or false:

(i) Law of demand happens due to application of law of diminishing marginal productivity

(ii) Law of demand explains the quantitative relationship between price and quantity demanded.

(iii) The demand for a good will always rise with the increase in income.

(iv) If Indian Airlines reduces fares from Delhi to Mumbai, the demand curve for air travel shifts rightwards.

(v) A family has to spend more on a product when the price of the product increases.​

Answer 1

Answer:

iii .True

iv.True

v.False

i.False

ii.True