Question : Law of Demand defines the relationship between price and quantity of commodities for typical goods as follows:
Option 1: Positive
Option 2: Constant
Option 3: Negative
Option 4: None of the above

Question

Question : Law of Demand defines the relationship between price and quantity of commodities for typical goods as follows:

Option 1: Positive

Option 2: Constant

Option 3: Negative

Option 4: None of the above

Team Careers360 · Accepted Answer

Correct Answer: Negative

Solution : According to the law of demand, the quantity bought varies inversely with the price. In other words, the quantity demanded decreases as the price increases. Because of declining marginal utility, this happens.

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Question : Law of Demand defines the relationship between price and quantity of commodities for typical goods as follows:Option 1: PositiveOption 2: Constant Option 3: NegativeOption 4: None of the above

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Question : Assertion: The law of supply states that as the price of good increases, the quantity supplied of that good also increases. Reason: The law of supply is based on the positive relationship between price and quantity supplied, assuming other factors remain constant.

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Question : Law of Demand defines the relationship between price and quantity of commodities for typical goods as follows:
Option 1: Positive
Option 2: Constant
Option 3: Negative
Option 4: None of the above

Question : Assertion: The law of supply states that as the price of good increases, the quantity supplied of that good also increases.

Reason: The law of supply is based on the positive relationship between price and quantity supplied, assuming other factors remain constant.