Law of Demand & Demand Function with Schedule

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1. All but one of the following are assumed to remain the same while drawing an individual’s demand curve for a commodity. Which one is it?

1 point

The preference of the individual

His monetary income

Price of commodity

Price of related goods

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2. In a demand function what is demand for the product?

1 point

Independent variable

Explanatory variable

Dependent variable

Complex variable

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3. when price of a commodity increases what will be the affect on quantity demanded?

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Increases

Decreases

No change

None of these

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4. who has given the law of demand?

1 point

Alfred Marshall

Paul Samuelson

Robbins

J.B. Say

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5. If we plot the market demand schedule on a graph, what do we get?

1 point

Demand chart

Market Demand Chart

Demand Curve

Market Demand Curve

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