Examveda
Examveda

Law of demand shows relation between

A. Income and price of commodity

B. Price and quantity of commodity

C. Income and quantity demanded

D. Quantity demanded and quantity supplied

Answer: Option B

Solution(By Examveda Team)

Law of demand shows relation between Price and quantity of commodity. Quantity demanded of a commodity is inversely related to the price of the commodity.

This Question Belongs to Commerce >> Economics

Join The Discussion

Comments ( 1 )

  1. Joy Adedayo
    Joy Adedayo :
    2 years ago

    I need more explanation to the answer of this question please 🙏

Related Questions on Economics

Which among the following statement is INCORRECT?

A. On a linear demand curve, all the five forms of elasticity can be depicted

B. If two demand curves are linear and intersecting each other, then, coefficient of elasticity would be same on different demand curves at the point of intersection.

C. If two demand curves are linear and parallel to each other, then, at a particular price, the coefficient of elasticity would be different on different demand curves.

D. The price elasticity of demand is expressed in terms of relaive not absolute changes in Price and Quantity demanded.