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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 ______.
The Law of Demand was introduced by ______.
In case of relatively more elastic demand, the shape of the curve is
State and explain the law of demand with the help of a hypothetical schedule and graph.
Any statement about demand for a good is considered complete only when the following is/are mentioned in it:
Giffen goods are richman's goods
Pick the option which does not belong to the group:
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 ?
