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      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.

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