Elementary Theory of Demand — Important Questions
ICSE · Class 10 · Economic Application
65 important questions from Elementary Theory of Demand for ICSE Class 10 Economic Application, with answers. Written for the board exams 2027.
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Important Questions from Elementary Theory of Demand
Which of the following are conditions of demand?
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Desire for a commodity, Ability to pay, Willingness to pay
Demand requires three conditions: desire, ability to pay, and willingness to pay. Having the commodity already is not one of the conditions.
Demand should always be stated with reference to which two things?
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Price, Time period
Demand is a relative concept and must be stated with reference to a particular price and a specified time period.
Which of the following are examples of joint demand?
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Printer and ink, Car and petrol, Mobile and SIM card
Joint demand is demand for goods used together. Printer and ink, car and petrol, and mobile and SIM card are all such examples.
Which of the following are examples of composite demand?
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Milk, Land, Mobile phone
Milk, land, and mobile phone can all be used for more than one purpose, so they show composite demand.
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