5 Questions
What did Prof. Alfred Marshall define as the nature of the relationship between quantity demanded and price?
Inverse relationship
Which of the following is NOT assumed to be equal or constant in the law of demand?
Production costs
According to the law of demand, what happens to the quantity demanded when the price of a good rises?
It falls
When might the inverse price-demand relationship not hold good according to the law of demand?
If consumer incomes increase
What is an important assumption of the law of demand regarding factors that determine demand?
Stable consumer preferences
Test your understanding of the law of demand in economics with this quiz. Explore the relationship between quantity demanded and the price of a product, as defined by Prof. Alfred Marshall.
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