Question

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ur offiseach
Long Answer Type Questions
What is price elasticity of demand? Explain the total expenditure metten
Or
What is demand curve? Why does a demand curve slope downwezi
Distinguish between extension of supply and increase in supply written
Or
Discuss the short-run equilibrium of the firm under perfectcomrenton by way
Discuss important characteristics of monopoly market.
Or
Discuss important characteristics of monopolistic competition maricel
SET-B.
Objective Type Questions
Choose the correct alternatives of the following questions:
es
(i) Origin of economic problem involves besides scarcity of resources:
(a) Two uses
(b) Three uses
(d) None of these
(c) Alternative uses
tinction
(ii) The law of demand applies to:
(a) Giffen goods
(c) Substitute goods​

Answer 1

law of demand is one of the most fundamental concepts in economics. It works with the law of supply to explain how market economies allocate resources and determine the prices of goods and services that we observe in everyday transactions. The law of demand states that quantity purchased varies inversely with price. In other words, the higher the price, the lower the quantity demanded. This occurs because of diminishing marginal utility. That is, consumers use the first units of an economic good they purchase to serve their most urgent needs first, and use each additional unit of the good to serve successively lower valued ends.

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