[Solved] Tha Law of Demand is based on -

McqMate

Q.	Tha Law of Demand is based on -
A.	Manufacturer's preference
B.	Seller's preference
C.	Supplier's preference
D.	Consumer's preference
Answer» D. Consumer's preference
Explanation: The Law of Demand states that, all else being equal, as the price of a product increases, quantily demanded lowers; likewise, as the price of a product decreases, quantity demanded increases. Demand is derived from consumers’ tastes and preferences, and it is bound by income. In other words, given a limited income, the consumer must decide what goods and services to purchase. Each consumer will purchase different things because individual preferences and incomes differ.

867

0

Do you find this helpful?

5

View all MCQs in

Discussion

No comments yet

Related MCQs

The demand of a commodity is a direct demand but the demand of a factor of production is called a -
The demand for two or more commodities or factor of production that are used together so that a change in demand for one will be reflected in a change in demand for other e.g., cloth and thread is called
'Law of demand' implies that when there is excess demand for a commodity, then
When there is a change in demand leading to a shift of the Demand Curve to the right, at the same price as before, the quantity demanded will -
When percentage change in demand for a commodity is less than percentage change in its price, then demand is said to be -
If the change in demand for a commodity is at a faster rate than change in the price of the commodity, the demand is -
Inwhich market structure is the demand curve of the market represented by the demand curve of the firm?
Elasticity of demand is the degree of responsiveness of demand of a commodity to a -
The law of demand states that -
The Law of Demand expresses -