Question : Which of the following is an assumption made while drawing the demand curve
a:The demand curve must be linear
b:The price of substitutes should not change
c: The quantity demanded should not change
d: The price of the commodity should not change
Option 1: A and B
Option 2: B only
Option 3: A, B and C only
Option 4: A, B, C and D all

Question

Question : Which of the following is an assumption made while drawing the demand curve
a:The demand curve must be linear
b:The price of substitutes should not change
c: The quantity demanded should not change
d: The price of the commodity should not change

Option 1: A and B

Option 2: B only

Option 3: A, B and C only

Option 4: A, B, C and D all

Team Careers360 · Accepted Answer

Correct Answer: B only

Solution : Prices of substitutes should not change is the assumption of law of demand.
The assumption behind a demand curve or a supply curve is that no relevant economic factors, other than the product's price, are changing.
Hence only b is the correct answer.

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Related Questions

Question : Which of the following is the assumption of the law of demand? A: The commodity's price should not change. B: The quantity requested should not change. C: Substitute prices should not change.

Question : When a good's demand is less elastic, a) Price change as a percentage of demand as a percentage of price change b) Change in the amount demanded as a percentage of price change c) Price change by percentage equals demand by percentage changed d)

Question : EXCEPT for the one, the following are the causes of a shift in demand: A: Change in income B: Change in price C: Change in prices of substitutes D: Change in fashion

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Question : Which of the following is the assumption of the law of demand?
A: The commodity's price should not change.
B: The quantity requested should not change.
C: Substitute prices should not change.

Question : When a good's demand is less elastic,
a) Price change as a percentage of demand as a percentage of price change
b) Change in the amount demanded as a percentage of price change
c) Price change by percentage equals demand by percentage changed
d)

Question : EXCEPT for the one, the following are the causes of a shift in demand:
A: Change in income
B: Change in price
C: Change in prices of substitutes
D: Change in fashion

Question : Which of the following statements is FALSE?
A: All five types of elasticity can be depicted on a linear demand curve.'
B: If two demand curves are linear and intersect, the coefficient of elasticity on the different demand curves at the point of intersection