Question
Download Solution PDFLaw of Demand states that, there is a negative relationship between ______.
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is demand for a commodity and its price.Key Points
- According to the law of demand
- when the price of a commodity increase, its the quantity demanded decreases
- when the price of a commodity decreases, it’s the quantity demanded increases
- keeping other factors remains the same.
- The consumer’s demand for good must be inversely related to the price of the good.
- There is an inverse relationship between price and demand and due to this the demand curve always has a downward slope.
- Demand Curve is the relation between the quantity of the good chosen by a consumer and the price of the good.
- Assumptions for the Law of Demand
- No change in the income of consumers
- No change is the taste and preference of the consumers
- No change in price related to other goods.
Last updated on May 28, 2025
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