Question

'Slope of the demand curve is constant at all points on the demand curve'. True or False? Give reason in support of your answer

Answer 1

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Law of demand:

The law of demand states that, other things being constant, an increase in a price of a commodity leads to a fall in quantity demanded and vice versa. It states that there is an inverse relation between the price of a commodity and its quantity demanded. It is always true but there are some exceptions of law of demand.

EXPLANATION:-

The given statement is true that the demand curve for a Giffen good has a positive slope. It means that as the price of a good increases its demand...

Answer 2

Answer:

Law of demand:

The law of demand states that, other things being constant, an increase in a price of a commodity leads to a fall in quantity demanded and vice versa. It states that there is an inverse relation between the price of a commodity and its quantity demanded. It is always true but there are some exceptions of law of demand.

EXPLANATION:-

The given statement is true that the demand curve for a Giffen good has a positive slope. It means that as the price of a good increases its demand...