Assertion (A): The demand for a commodity refers to the quantity of the commodity in demand at a certain price during any particular period.
Reason (R): The contraction of demand is the result of an increase in the price of the good concerned.

Assertion (A): The demand for a commodity refers to the quantity of the commodity in demand at a certain price during any particular period.
Reason (R): The contraction of demand is the result of an increase in the price of the good concerned. Correct Answer Both (A) and (R) are true

Bissoy MCQ

Related Questions

Consider the following statements
1. Decrease in demand is caused by change in factors other than own price of the commodity.
2. Contraction of demand is caused by decrease in own price of the same commodity.
3. Extension of demand is caused by increase in own price of the same commodity.
Which of the statement(s) given above is/are correct?
The price of commodity X increases by 40 paisa every year, while the price of commodity Y increases by 15 paisa every year. If in 2001, the price of commodity X was TK4.20 and that of Y was TK 6.30, in which year commodity X will cost 40 paisa more than commodity Y?
The price of commodity X increases by 40 paisa every year, while the price of commodity Y increases by 15 paisa every year. If in 2023, the price of commodity X was Tk. 4.20 and that of Y was Tk. 6.30, in which year commodity X will cost 40 paisa more than the commodity Y?
The price of commodity X increases by 40 paise every year, while the price of commodity Y increases by 15 paise every year. If in 2001, the price of commodity X was Rs. 4.20 and that of Y was Rs. 6.30, in which year commodity X will cost 40 paise more than the commodity?
The price of commodity X increases by 60 rupees every year, while the price of commodity Y increases by 20 rupees every year. If in 2002, the price of commodity X was Rs. 320 and that of Y was Rs. 740, in which year commodity X will cost 60 rupees more than the commodity Y ?
The price of commodity X increases by 40 paise every year, while the price of commodity Y increases by 15 paise every year. If in 2001, the price of commodity X was Rs. 4.20 and that of Y was Rs. 6.30, in which year commodity X will cost 40 paise more than the commodity Y ?
Consider the Assertion (A) and Reason (R) and select the correct answer:
Assertion (A) If one premise is particular, the conclusion must be particular.
Reason (R) (i) An affirmative particular has no distributed terms, and a negative particular has an only one.
(ii) The premises cannot both be particular and thus must differ in quantity.
From the following determinants of the price elasticity of demand, indicate the correct option for the determinants having a positive relationship with the degree of the price elasticity of demand.
1. Range of substitutes of the commodity
2. Extent of the different uses of the commodity
3. Portion of the income of the buyer spent on the commodity
4. Income group of buyers purchasing the commodity
For the following statement of Assertion (A) and Reasoning (R) select the correct answer:
Assertion (A): Price reduction normally leads to an increase in the demand for a commodity.
Reason (R): Price reduction leads to the entry of new buyers of the commodity in the market.
Good 'Y' is the substitute for good 'X' if
1. A fall in the price of good X leads to the fall in the marginal utility of good Y.
2. A fall in the price of good X leads to the fall in the quantity purchased of good Y. Select the correct answer