1
Question
“The Law of Demand states other things being equal, the quantity demanded of a commodity increases when its price falls and decreases when its price rises. There are several assumptions of the Law of Demand.”
Which of these must change in order to apply the ‘Law of Demand?
[1 mark]
“The Law of Demand states other things being equal, the quantity demanded of a commodity increases when its price falls and decreases when its price rises. There are several assumptions of the Law of Demand.”
Which of these must change in order to apply the ‘Law of Demand?
[1 mark]
Open in App
Solution
The correct option is D Price of the product
The Law of Demand applies when the demand changes due to change in the price, while all other factors remain constant.
The Law of Demand applies when the demand changes due to change in the price, while all other factors remain constant.
Suggest Corrections
0
Similar questions
View More
Join BYJU'S Learning Program
Explore more
Join BYJU'S Learning Program
