Question

Q. 2. Give economic terms :
d
1) A situation where more quantity is demanded at
lower price ......
2) Graphical representation of demand schedule
3) A commodity which can be put to several uses
4) More quantity is demanded due to changes in the
factors determining demand other than price
5) A desire which is backed by willingness to
purchase and ability to pay ......​

Answer 1

1) A situation where more quantity is demanded at lower price excess supply.

2) Graphical representation of demand schedule demand curve.

3) A commodity which can be put to several uses multi uses good, these types of goods have elastic demand.

4) More quantity is demanded due to changes in the factors determining demand other than price change in except actions.

5) A desire which is backed by willingness to

5) A desire which is backed by willingness topurchase and ability to pay demand.