Question : The Law of Demand is calculated from the perspective of :
Option 1: Consumer
Option 2: Supplier
Option 3: Wholeseller
Option 4: Shopkeeper
Correct Answer: Consumer
Solution : The Law of Demand is calculated from the perspective of consumer. The law of demand is a fundamental economic principle that states that at a higher price, consumers will demand a smaller quantity of a good. Hence a is the correct answer.
Question : The law of demand is based on:
Question : If a consumer's demand for a good moves in the same direction as the consumer's income, the consumer's demand for that good must be inversely related to the price of the good, which is called _____.
Question : What is the First Law of Gossen?
Question : The law of demand states that when _____.
Question : What is the name of the law that causes the demand curve to slope downward?
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