Question

In case the consumer expects a steep rise in price of potatoes in future, his current demand for it will _______

(a) remain same

(b) fall

(c) rise

(d)none of the above ​

Answer 1

The answer can be a) remain same
If it helps then pls mark me brainly

Answer 2

Answer:

In case the consumer expects a steep rise in the price of potatoes in the future, his current demand for them will remain the same.

Explanation:

• According to the law of demand, Other things remaining the same there is a negative or inverse relationship between price and quantity demanded.
• It is a qualitative statement that shows the relationship between the price of a product and the quantity demanded.
• If the price increases the demand will go down & on the other hand if the price decreases the quantity demand will rise up.
• But there are some cases in which this law doesn't work which means exceptions to the law of demand.

• Exceptions of the law of demand:

1. Necessity goods:

Necessity goods are those goods that a consumer will demand irrespective of their price.

Example: SALT, MEDICINES, VEGETABLES ETC.

Thus, if any rise in the prices of potatoes which comes under necessity goods the demand will remain the same irrespective of the increase in prices.

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