Question
The Law of Demand expresses
Answer: Option B
Answer: (b)
The law of demand states the inverse relation that comes to exist of between price in one hand and quantity demanded on the other. The law of demand portrays that demand is the function of price.
Price is the key determinant of demand. Fluctuations in price lead to changes in the quantity demanded. In other words, the higher the price of a product, the lower the quantity demanded.
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Answer: (b)
The law of demand states the inverse relation that comes to exist of between price in one hand and quantity demanded on the other. The law of demand portrays that demand is the function of price.
Price is the key determinant of demand. Fluctuations in price lead to changes in the quantity demanded. In other words, the higher the price of a product, the lower the quantity demanded.
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