📢 Too many exams? Don’t know which one suits you best? Book Your Free Expert 👉 call Now!


    Question

    Which statement is not correct about Law of Demand?

    A It shows the functional relationship between price and quantity demanded Correct Answer Incorrect Answer
    B It shows inverse relationship between price and demand Correct Answer Incorrect Answer
    C It is a quantitative statement Correct Answer Incorrect Answer
    D None of the above Correct Answer Incorrect Answer

    Solution

    The law of demand is a qualitative statement and not a quantitative statement. This is because it does not tells us the exact correlation between the quantity demanded and the price.

    Practice Next
    ask-question

    Not sure which exam is best for you Talk to our expert

    Get My Free Call