4 Views

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.

Know More About

Related Questions

Amity University, Noida Law A...
Apply
Admissions open for B.A. LL.B (Hons) , B.A. LL.B , BBA LL.B.(Hons) , B.Com.LL.B. (Hons.)
Jindal Global Law School Admi...
Apply
Ranked #1 Law School in India & South Asia by QS- World University Rankings | Merit cum means scholarships | Application Deadline: 31st Jan'25
UPES Integrated LLB Admission...
Apply
Ranked #28 amongst Institutions in India by NIRF | Ranked #1 in India for Academic Reputation by QS University Rankings | 16.6 LPA Highest CTC
Chandigarh University Admissi...
Apply
Ranked #1 Among all Private Indian Universities In QS Asia Rankings 2025 | Scholarships worth 210 CR
KL University Law Admissions ...
Apply
A++ Grade by NAAC | Recognized as Category-1 University by UGC | 100% Placement, 60 LPA Highest CTC, 400+ Recruiters
Nirma University Law Admissio...
Apply
Grade 'A+' accredited by NAAC
View All Application Forms

Download the Careers360 App on your Android phone

Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile

150M+ Students
30,000+ Colleges
500+ Exams
1500+ E-books