Which of the following is an exception to the law of demand?
Options
ASpeculative goods
BConspicuous goods
CGiffen goods
DAll of the above
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Theory of Demand and SupplyPYQ - July 2021Question 29 of 20
All Questions Correct Answer
✅ Option d — All of the above
All Options:
- ASpeculative goods
- BConspicuous goods
- CGiffen goods
- DAll of the above
About This Chapter: Theory of Demand and Supply
Paper
Paper 4: Business Economics
Weightage
10%
Key Topics
Law of Demand/Supply, Elasticity, Consumer Behavior
One of the most important chapters in the entire CA Foundation Economics paper. It covers the Law of Demand, Law of Supply, Elasticity of Demand (Price, Income, and Cross), Consumer Behavior (Cardinal and Ordinal approaches), and the concept of Consumer Surplus. Understanding demand and supply curves and their shifts is essential for grasping market dynamics.
View Official ICAI SyllabusExam Strategy Tip
Master the difference between 'Change in Demand' (shift) and 'Change in Quantity Demanded' (movement). This distinction alone can secure 3-5 marks. Also practice Elasticity numerical calculations.
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More Questions from Theory of Demand and Supply
Demand for a commodity refers to:
Contraction of demand is the result of:
All but one of the following are assumed to remain the same while drawing the demand curve for a commodity. Which one is it?
Which of the following pairs of goods is an example of substitutes?
In the case of a straight line demand curve meeting the two axes, the price-elasticity of demand at the mid-point of the line would be:
The Law of Demand, assuming other things to remain constant, establishes the relationship between:
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