3 Questions
Which of the following statements best describes the law of Demand?
The quantity demanded of a commodity increases when its price falls.
According to the law of Demand, what is the relationship between the price and the quantity demanded of a commodity?
Inverse relationship
What happens to the quantity demanded of a commodity when its price falls?
Increases
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?
Test your understanding of the Law of Demand with this quiz! Explore the inverse relationship between price and quantity demanded of a commodity, and see if you can grasp the concept of demand elasticity.
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