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प्रश्न
State whether the following statement is true or false. Give reasons.
The law of demand states a direct relationship between price and demand.
विकल्प
True
False
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उत्तर
This statement is false.
Explanation:
No, the law of demand does not establish a direct relation. However, the law of demand maintains that there is an inverse relationship between price and quantity demanded of an item, meaning that as price rises, quantity demanded of a good decreases.
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संबंधित प्रश्न
Symbolically, the functional relationship between Demand and Price can be expressed as ______.
Distinguish between extension and contraction of demand.
Any statement about demand for a good is considered complete only when the following is/are mentioned in it:
When at a price of ₹ 5 per unit of a commodity, A's demand is for 11 units, B's demand is for 14 units and C's demand is for units (assuming that there are only three consumers in the market), the market demand is ______.
Giffen goods are richman's goods
What is meant by the income effect of a fall in the prices of a commodity?
Identify the correct statement from the following alternatives:
What does the term "ceteris paribus" mean in relation to the Law of Demand?
According to the Law of Demand, what happens when the price of a commodity decreases, assuming no other factors change?
Which of the following is NOT an assumption of the Law of Demand ?
