Q3 of 30 Page 1

State the meaning of `quantity demanded of a commodity`.

Quantity demanded is the quantity of a commodity that people are willing to buy at a particular price at a particular point in time. Each quantity can be demanded at different prices at a particular time. The price of the commodity changes with the nature of the economy, demand in the market etc.


More from this chapter

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1

When is a consumer said to be rational?

 2

Define normative economics, with a suitable example.

 4

If a firm’s production department data says that the total variable cost for producing 8 units

and 10 units of output is 2,500 and 3,000 respectively, the marginal cost of the 10th unit will be


a. 100 b. 150 c. 500 d. 250

 5

State any one assumption for the construction of the curve that shows the possibilities of

potential production of two goods in an economy.