Question : Law of Demand is a:
(a) Qualitative Statement
(b) Quantitative Statement
Option 1: Only A
Option 2: Only B
Option 3: Both A and B
Option 4: None of the above
Answer (1)
23rd Jan, 2024
Correct Answer: Both A and B
Solution : The law of demand is not a quantitative law; rather, it is a qualitative one. This is due to the fact that it does not explicitly state how closely the amount demanded and the price relate to one another. As a result, we might say that the law of demand is a qualitative assertion.
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