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Question : Law of Demand states that there is a negative relationship between ______.

Option 1: demand for a commodity and its supply

Option 2: demand for a commodity and its price

Option 3: tax on a commodity and its price

Option 4: supply of a commodity and its price


Team Careers360 24th Jan, 2024
Answer (1)
Team Careers360 25th Jan, 2024

Correct Answer: demand for a commodity and its price


Solution : The correct option is demand for a commodity and its price .

The Law of Demand asserts a negative relationship between the price of a commodity and the quantity demanded. As the price rises, demand tends to decrease, and vice versa. This inverse correlation reflects consumers' inclination to buy more at lower prices and less at higher prices, influencing market dynamics.

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