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Economics · Class 12 Commerce

Ch 17Consumer Behaviour — Class 12 Economics, concept-first.

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Law of Demand and Giffen Goods

The law of demand states that, other things remaining the same, the quantity demanded of a commodity rises as its price falls and falls as its price rises — an inverse price-quantity relationship. A demand curve shows th…

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Questions & Answers

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+Sample & Board questionsi18 questions
  1. Q1Define a Giffen good. **Or** Mention any two exceptions to the law of demand.Preview
  2. Q2What is income elasticity of demand? **Or** As the price of a commodity decreases from Rs. 8 to Rs. 4, the quantity demanded increases from…Preview
  3. Q3What will be the relation between price and marginal revenue, if the magnitude of price elasticity of demand is infinity (∞)?Preview
  4. Q4What do you mean by demand for a good? **Or** What is meant by an inferior good?Preview
  5. Q5Define own price elasticity of demand.Preview
  6. Q6Show that average revenue of any firm is always equal to the market price of the good produced by it. **Or** Prove that marginal revenue of…Preview
  7. Q7At the equilibrium point of a monopolist, the absolute value of price elasticity of demand will be (a) equal to 1 (b) greater than 1 (c) les…Preview
  8. Q8State the law of demand. **Or** Define a Giffen good.Preview
  9. Q9Define income elasticity of demand. **Or** What is meant by cross price elasticity of demand?Preview
  10. Q10The Lerner's Index used to measure the degree of monopoly power is given by— (a) |e| (b) MR/|e| (c) MC/|e| (d) 1/|e| Where |e| denotes the a…Preview
  11. Q11In economics, what is meant by demand for a commodity? **Or** Define an inferior good.Preview
  12. Q12Define own-price elasticity of demand. **Or** What is meant by perfectly inelastic demand?Preview
  13. Q13If the value of price elasticity of demand is infinity (∞), what will be the relationship between price and marginal revenue?Preview
  14. Q14State the law of demand. **Or** What are the two components of the price effect?Preview
  15. Q15For which type of goods is demand generally inelastic with respect to price? **Or** Define income elasticity of demand.Preview
  16. Q16What do you mean by 'change in demand'?Preview
  17. Q17As the price of a commodity increases from Rs. 50 to Rs. 80, the quantity demanded falls from 250 kg to 200 kg. Determine the price elastici…Preview
  18. Q18Prove that marginal revenue of a firm equals zero if the value of price elasticity of demand is unity.Preview