Question : The law of demand is based on:
Option 1: Manufacturer's preference
Option 2: Seller's preference
Option 3: Supplier's preference
Option 4: Consumer's preference
Correct Answer: Consumer's preference
Solution : The correct answer is Consumer's preference .
The law of demand is a fundamental principle of economics that states that at a higher price, consumers will demand a lower quantity of goods, specifically how consumers make choices regarding the quantity of goods and services they are willing to purchase at different price levels. The law of demand states that, all else being equal, as the price of a good or service decreases, the quantity demanded for that good or service increases, and vice versa.
Answer Key | Eligibility | Application | Admit Card | Preparation Tips | Result | Cutoff
Question : Which law states that with constant taste and preference, the proportion of income spent on food stuff diminishes as income increases?
Question : Which law was developed in the 1600s to describe that any force applied to a confined fluid is transmitted equally in all directions, regardless of the shape of the container?
Question : The Newton's First law is also called as:
Question : Newton's first law is also known as:
Question : Directions: Mukesh's sister is the wife of Ramesh. Ramesh is Rani's only brother. Ramesh's father is Madhur. Sheetal is Ramesh's paternal grandmother. Rema is Sheetal's daughter-in-law. Ronit is Rani's brother's son. How is Ronit
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile