Balbharati solutions for Economics HSC 12th Standard Maharashtra State Board

Chapter 3 -(A) Demand Analysis [Latest edition]

Q.1. Complete the following statement:

The relationship between demand for a good and price of its substitute is ______.

direct

inverse

no effect

can be direct and inverse

The relationship between income and demand for inferior goods is ______.

direct

inverse

no effect

can be direct and inverse

Symbolically, the functional relationship between Demand and Price can be expressed as ______.

Dx = f(Px)

Dx = f(Pz)

Dx = f(y)

Dx = f(T)

When less units are demanded at a high price it shows ______.

increase in demand

expansion of demand

decrease in demand

contraction in demand