Answer-Which statement is not correct about Law of Demand?

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Which statement is not correct about Law of Demand?

Question

Which statement is not correct about Law of Demand?

A It shows the functional relationship between price and quantity demanded Correct Answer Incorrect Answer

B It shows inverse relationship between price and demand Correct Answer Incorrect Answer

C It is a quantitative statement Correct Answer Incorrect Answer

D None of the above Correct Answer Incorrect Answer

Solution

The law of demand is a qualitative statement and not a quantitative statement. This is because it does not tells us the exact correlation between the quantity demanded and the price.

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