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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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