MCQ
Fill in the blank with appropriate alternatives given in the bracket:
The law of demand states ________ relation between demand and price.
Options
1.direct
2.total
3.inverse
4.positive
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Solution
The law of demand states inverse relation between demand and price. Explanation:
According to the law of demand, the demand for a commodity is inversely related to its price such that if there is an increase in price then the quantity demanded for that commodity will fall and vice-versa.
Concept: Demand
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