Question

    Which of the following is the relation that the law of demand defines?

    A Income and price of a commodity Correct Answer Incorrect Answer
    B Price and quantity of a commodity Correct Answer Incorrect Answer
    C Income and quantity demanded Correct Answer Incorrect Answer
    D Quantity demanded and quantity supplied Correct Answer Incorrect Answer

    Solution

    The price and quantity demanded of any good or service are inversely connected to each other, according to the rule of demand, with other parameters remaining constant. A product's price increase will result in less demand for that same thing.

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