The relationship between price and quantity is according to Law of demand. (2024)

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How Does the Law of Supply and Demand Affect Prices?Law of Demand Definition of Inversely Related | Higher Rock Education Explain the law of demand and the reasons behind it.

Price Floor

The relations...

A

Positive

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B

Inverse

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C

Neutral

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D

Direct

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Solution

The correct option is B Inverse
According to the Law of Demand there is inverse relationship between price and demand of commodity.
If price rise demand falls and vice versa.

See Also

What is Law Of Demand? Definition of Law Of Demand, Law Of Demand Meaning - The Economic Times

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Similar questions

Q. For normal goods, the Law of Demand states that the relationship between price and quantity of goods is ______.

[1 mark]

Q. The inverse relationship between variations in the price and quantity demanded is not due to __________.

Q.

Why is there an inverse relationship between the price of a commodity and its quantity demanded?

Q. Assertion :The demand curve has negative slope showing inverse relationship between price and the quantity demanded. Reason: This applies only to Giffen goods

Q. “The Law of Demand states other things being equal, the quantity demanded of a commodity increases when its price falls and decreases when its price rises. There are several assumptions of the Law of Demand.”
Which of these must change in order to apply the ‘Law of Demand?

[1 mark]

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