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Fill in the Blank with Appropriate Alternatives Given in the Bracket: the Law of Demand States ________ Relation Between Demand and Price. - Economics

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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