Questions and Answers
What is assumed to be constant under the law of demand?
Prices of related commodities, income of consumers, tastes and preferences of consumers, and all other factors
What is the relationship between price and quantity demanded according to the law of demand?
Inverse
What happens to the quantity demanded when the price of a good rises?
It decreases
Who defined the law of demand as 'The greater the amount to be sold, the smaller must be the price at which it is offered'?
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What is the condition under which the inverse price-demand relationship may not hold good?
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What is the law of demand primarily concerned with?
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