Which of the following statements are True or False?

(

a) The demand for a commodity is inversely related to the price of its substitutes.

(

b) When income increases, the demand for essential goods increases more than proportionately.

(

c) Decrease in input prices causes a leftward shift in the supply curve.

(

d) There cannot be a market without a place.

(

e) The desire for a commodity backed by ability and willingness to pay is demand.

(

f) The law of demand states the relationship between the quantity demanded and price of a commodity, consumers’ income, price of the related goods and advertisement.

( g) An individual’s demand curve marks the upper limits of his/her intentions to buy a commodity at different prices.

( h) A market demand curve represents the maximum quantity that an individual would be willing to buy at different prices.
( i) Demand for car and price of petrol are inversely related.
( j) Most demand functions are of the form D = a + bP.
[(Ans. True: ( e), ( g), ( h), False: ( a), ( b), ( c), ( d), ( f), ( i), ( j)]