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State Whether the Following Statement is True and False Law of Demand is Explained by Prof. Robbins. - Economics

Sum

State whether the following statement is TRUE and FALSE

Law of demand is explained by Prof. Robbins.

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Solution

FALSE

The law of demand was postulated by Dr. Alfred Marshall in his book ‘Principles of Economics’. According to the Law of Demand, other things remaining constant, as the price of  a commodity increase, the quantity demanded of it falls and vice-versa.

Concept: Demand
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Micheal Vaz Economics HSC 12th Standard Maharashtra State Board
Chapter 3 Demand Analysis
Exercise | Q 3.5 | Page 24
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