NCERT Solutions for Class 9th Social Science Chapter 9 The Price Puzzle: What Drives the Market

About this chapter

Demand is the quantity of a product people are willing and able to buy at a particular price. Willingness alone is not demand — it must be backed by purchasing power . The Law of Demand is the inverse relation between price and quantity demanded: Srivalli buys 1 kg at ₹150, 2 kg at ₹100 and 3 kg at ₹50 (Fig. 9.2), which is why the demand curve DD’ slopes downward. Market demand is the sum of all individual demands. Table 9.1 adds Srivalli, Alex and Israt: at ₹150 → 1+2+3 = 6 kg, at ₹100 → 2+4+6 = 12 kg, at ₹50 → 3+6+9 = 18 kg. Because many buyers respond together, the market demand curve D m D m ’ is flatter than any one buyer's curve. Price is only one determinant. Demand also changes with the price of related goods (substitutes like tea and coffee; complements like cars and petrol), inco

• Chapter opening
• The chapter's opening paragraph
• Demand
• Other Determinants of Demand
• Other Determinants of Supply
• Market Equilibrium
• Does Market Equilibrium Exist in the Real World?
• Regulation of Unfair Practices
• Role of Government in the Economy
• Provision of Public Goods