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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.
पर्याय
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
Briefly explain any two reasons for the occurrence of the law of demand.
Symbolically, the functional relationship between Demand and Price can be expressed as ______.
The movement on or along the given demand curve is known as ______
Explain the law of demand.
Write a statement of the Law of Demand.
Giffen goods are richman's goods
If a good is inferior good, then purchases of that good will decrease when ______.
State the law of demand.
Explain four circumstances under which the law of demand does not operate.
What does the term "ceteris paribus" mean in relation to the Law of Demand?
