Assertion :The demand curve has negative slope showing inverse relationship between price and the quantity demanded. Reason: This applies only to Giffen goods

Both Assertion and Reason are correct and Reason is the correct explanation for Assertion

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Both Assertion and Reason are correct but Reason is not the correct explanation for Assertion

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Assertion is correct but Reason is incorrect

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Both Assertion and Reason are incorrect

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Solution

The correct option is C Assertion is correct but Reason is incorrect
1) The demand curve has negative slope showing inverse relationship between price and the quantity demanded- this is a correct statement as the price rises, demand falls and when the price falls, demand rises.
2) This applies to Giffen goods- this is a false statement since the law of demand does not apply to Giffen goods. The assertion is applicable to normal goods.

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