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Rise of Fascism in Italy

Increase in q...

Question

Increase in quantity demanded of a commodity due to a fall in its price is called

A

Increase in demand

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B

Contraction of demand

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C

Decrease in demand

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D

Extension of demand

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Solution

The correct option is D
Extension of demand

When the price of the commodity falls, its demand expands which is technically termed as the extension of demand.

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Which of the following are true?

a) Extension and Co when price of one commodity falls, new consumers will buy commodity contraction of demand are related to change in price
b) Extension and Contraction of demand results in the movement along side the demand curve

Q. If the percentage increase in the quantity of a commodity demanded is smaller than the percentage fall in its price, the coefficient of price elasticity of demand is _______________.

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Q. “The Law of Demand states other things being equal, the quantity demanded of a commodity increases when its price falls and decreases when its price rises. There are several assumptions of the Law of Demand.”
If we refer to the determinants of demand, then ‘other things’ in the Law of Demand refers to which of the following?

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Q. “The Law of Demand states other things being equal, the quantity demanded of a commodity increases when its price falls and decreases when its price rises. There are several assumptions of the Law of Demand.”
Which of these must change in order to apply the ‘Law of Demand?

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