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Questions and Answers
Which of the following statements best describes the law of Demand?
Which of the following statements best describes the law of Demand?
- The quantity demanded of a commodity increases when its price falls. (correct)
- The quantity demanded of a commodity increases when its price rises.
- The quantity demanded of a commodity decreases when its price rises.
- The quantity demanded of a commodity decreases when its price falls.
According to the law of Demand, what is the relationship between the price and the quantity demanded of a commodity?
According to the law of Demand, what is the relationship between the price and the quantity demanded of a commodity?
- Direct relationship
- Inverse relationship (correct)
- Positive relationship
- No relationship
What happens to the quantity demanded of a commodity when its price falls?
What happens to the quantity demanded of a commodity when its price falls?
- Remains constant
- Fluctuates
- Decreases
- Increases (correct)
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Study Notes
Which of the following statements best describes the law of Demand? According to the law of Demand, what is the relationship between the price and the quantity demanded of a commodity? What happens to the quantity demanded of a commodity when its price falls?
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