Q.

The relationship between price of a commodity and the demand for it -

A. is a positive relationship
B. is an inverse relationship
C. They are independent of each other
D. They do not have any relationship
Answer» B. is an inverse relationship
Explanation: According to the Law of demand, consumers buy more of a good when its price is lower and less when its price is higher. It states that the quantity demanded and the prices of a commodity are inversely related, other things remaining constant.
1.3k
0
Do you find this helpful?
11

View all MCQs in

Economics (GK)

Discussion

No comments yet