--%>

Illustrates the term Law of Demand

Illustrates the term Law of Demand?

Answer: The law of Demand is termed as the “first law in market”. It shows the relation in between quantity and price demanded of a commodity within the market.

   Related Questions in Managerial Economics

  • Q : Technological changes with machinery

    Technological changes which replace workers along with machinery are termed as: (1) homeostasis. (2) nanotechnology. (3) automation. (4) featherbedding. (5) solipsism. How can I solve my Economics problem? Please s

  • Q : Bend backward labor supplies Labor

    Labor supply curves “bend backward” within response to overwhelmingly powerful: (i) marginal effort effects. (ii) income effects. (iii) wealth effects. (iv) derived supply effects. (v) substitution effects.

    Q : What is Diminishing Returns to Scale

    What is Diminishing Returns to Scale?

  • Q : Explain the term business cycle in brief

    Explain the term business cycle in brief.

  • Q : Gains from Exchange Can someone help me

    Can someone help me in finding out the right answer from the given options. Persons or nations that can outperform their competitors in all tasks enjoy: (1) Absolute benefits in all outputs. (2) Relative benefits in all outputs. (3) Comparative benefits in all outputs

  • Q : Limitations of Marginal Costing Write

    Write down the limitations of Marginal Costing?

  • Q : Income effect of a small wage rate

    The income effect of a small change within the wage rate for that worker most strongly exceeds the substitution effect at a wage rate of: (1) $5 per hour. (2) $10 per hour. (3) $10 per hour to $25 per hour. (4) $25 pe

  • Q : Total Explain the meaning of total,

    Explain the meaning of total, average, marginal and incremental revenue.

  • Q : Explain opinion of Stonier and Hague

    Illustrates the opinion of Stonier and Hague for explaining Demand in economics?

  • Q : Function of Profit Maximization in

    For a purely competitive firm operating within a competitive labor market as: (1) the marginal resource cost of labor exceeds the wage rate. (2) the supply of labor is perfectly inelastic. (3) total labor costs are independent of the